Instruments usually refers to the performance analysis developer tool provided by Apple for Mac and iOS development.
While the term may have other applications (such as in musical instruments), it is usually used on this site to refer to the Instruments performance analysis tool provided by Apple alongside their Xcode IDE. It contains a suite of performance tests, as well as some debugging-related functionality, wrapped in a GUI environment geared toward data analysis.
Instruments is a performance-analysis and testing tool for dynamically tracing and profiling OS X and iOS code. It is a flexible and powerful tool that lets you track a process, collect data, and examine the collected data. In this way, Instruments helps you understand the behavior of both user apps and the operating system.