Lens speed refers to the amount of light that a lens allows through. This is represented by its largest available aperture (smallest f-stop). This is referred to as “speed” because larger apertures mean faster shutter speeds.
Faster shutter speeds mean that images can be taken hand-held in lower light. A lens with a maximum aperture of f/1.4 would be a VERY fast lens. A lens with a maximum aperture of f/5.6 would be quite a slow lens which would typically need good light in order to capture an in-focus image.