A statement that could be true, which might then be tested.
Example: Sam has a hypothesis that "large dogs are better at catching tennis balls than small dogs".
We can test that hypothesis by having hundreds of different sized dogs try to catch tennis balls.
Sometimes the hypothesis won't be tested, it is simply a good explanation (which could be wrong). Conjecture is a better word for this.
Example: you notice the temperature drops just as the sun rises. Your hypothesis is that the sun warms the air high above you, which rises up and then cooler air comes from the sides.
Note: when someone says "I have a theory" they should say "I have a hypothesis", because in mathematics a theory is actually well proven.