To speed up queries in a DB, several transactions can be executed at the same time. For example if someone runs a select query over a table for the wages of the employees of a company (each employee identified by an id) and another one changes the last name of someone who e.g. has married, you can execute both queries at the same time because they don't interfere.
But in other cases even a SELECT statement might interfere with another statement.
To prevent unexpected results in a SQL transactions, transactions follow the ACID-model which stands for Atomicity, Consistency, Isolation and Durability (for further information read wikipedia).
Let's say transaction 1 starts to calculate something and then wants to write the results to table A. Before writing it it locks all SELECT statements to table A. Otherwise this would interfere with the Isolation requirement. Because if a transaction 2 would start while 1 is still writing, 2's results depend on where 1 has already written to and where not.
Now, it might even produce a dead-lock. E.g. before transaction 1 can write the last field in table A, it still has to write something to table B but transaction 2 has already blocked table B to read safely from it after it read from A and now you have a deadlock. 2 wants to read from A which is blocked by 1, so it waits for 1 to finish but 1 waits for 2 to unlock table B to finish by itself.
To solve this problem one strategy is to rollback certain transactions after a certain timeout. (more here)
So that might be a read on for your select statement to get a lock wait timeout exceeded.
But a dead-lock usually just happens by coincidence, so if transaction 2 was forced to rollback, transaction 1 should be able to finish so that 2 should be able to succeed on a later try.