An rvalue is a temporary object (or subobject) or is a value not directly associated with an object.
Traditionally known as r-values since they generally appear on the right hand side of an expression; rvalues are temporary object whose lifetime does not extend past the current expression (unless bound to a an appropriate reference see rvalue-reference).
An rvalue is not directly associated with an object. Often a simple test is applied to determine if is an rvalue; "Is it named?"; if so, it is not an rvalue.
C++11 extended the original definition of an rvalue to include prvalues (pure rvalues) and xvalues (expiring values).
For a more general post on value categories, see this post on SO.