A payload is any cargo or scientific equipment/experiment carried into space by a Shuttle or Rocket. Primary examples of a payload for a rocket would be a satellite; for the Shuttles, it carried many payloads in its cargo bay, from retrievable satellites to deployable ones, scientific experiments, as well as capture/maintenance equipment.
If you look on my Supervisor Bio page, you can see some of the different payloads in the Shuttle bays that I used to work on.