Power dissipation of a resistor or any load is the amount of power (in watts) that is converted to heat, light, or other form of energy.
In a resistor, power dissipation is defined by Ohm's law
P = I^2 * R
Power dissipated equals current through the resistor squared times the resistance in ohms.
Since the power is converted to heat, a resistor has a maximum dissipation rating set by the manufacturer, above which the resistor will be damaged.