Extreme boldness, audacity, or nerve; confidence that borders on being disrespectful or inappropriate.
From Yiddish 'ḥutspah,' derived from Hebrew origin. The word came into English through Yiddish-speaking immigrants to America in the 20th century, originally meaning shameless boldness or gall.
Chutzpah is one of the few Yiddish words that became totally mainstream English—it's a word that captures a very specific attitude that's hard to describe any other way, kind of like how 'schadenfreude' (German) fills a gap in English too!
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