Put very simply, the Libero (pronounced, Lee-Beh-Roh) is a specialized defensive player. The position is a valuable resource as a replacement for players that are strong at the net but weak in the back court. Typically, particularly in younger players, the Libero will replace middle-blockers while they are in the back row.
The position was introduced internationally in 1998 in order to address a specific problem. Because each game (or set) only allows 15 substitutions (swapping one player for another), coaches would often go through the allotted number of substitutions due to the constant need to swap a defensive specialist for other players in the back row. The new position allowed for the Libero to replace players in the back row an unlimited number of times without affecting the number of substitutions.
There are specific rules that govern the use of the Libero. To understand more about the position and its purpose you should become familiar with those rules.