To different people it means different things:
It can be a User Story that is planned to go across multiple iterations or sprints.
It can be a User Story that is more of a working theory on how something should work, and the User Stories under it are working towards that theory.
The site http://scrummethodology.com/scrum-epics/ defines it as "What happens when a story includes too many unknowns to tell just how big it is? Or what if the story’s requirements are known, but its effort is too huge to complete in a single sprint? We call these stories “epics.” If an item require more than a quarter of a Sprint to complete, it’s probably an epic. "
How your team defines Epics will determine how you use and work them.
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