The word seems to get used in a number of contexts. The best I can figure is that they mean a variable that can't change. Isn't that what constants/finals (darn you Java!) are for?
It is a condition you know to always be true at a particular place in your logic and can check for when debugging to work out what has gone wrong.
I usually view them more in terms of algorithms or structures.
For example, you could have a loop invariant that could be asserted--always true at the beginning or end of each iteration. That is, if your loop was supposed to process a collection of objects from one stack to another, you could say that |stack1|+|stack2|=c, at the top or bottom of the loop.
If the invariant check failed, it would indicate something went wrong. In this example, it could mean that you forgot to push the processed element onto the final stack, etc.
The magic of wikipedia: Invariant (computer science)
In computer science, a predicate that, if true, will remain true throughout a specific sequence of operations, is called (an) invariant to that sequence.
An invariant is more "conceptual" than a variable. In general, it's a property of the program state that is always true. A function or method that ensures that the invariant holds is said to maintain the invariant.
For instance, a binary search tree might have the invariant that for every node, the key of the node's left child is less than the node's own key. A correctly written insertion function for this tree will maintain that invariant.
As you can tell, that's not the sort of thing you can store in a variable: it's more a statement about the program. By figuring out what sort of invariants your program should maintain, then reviewing your code to make sure that it actually maintains those invariants, you can avoid logical errors in your code.
Following on from what it is, invariants are quite useful in writing clean code, since knowing conceptually what invariants should be present in your code allows you to easily decide how to organize your code to reach those aims. As mentioned ealier, they're also useful in debugging, as checking to see if the invariant's being maintained is often a good way of seeing if whatever manipulation you're attempting to perform is actually doing what you want it to.