Tire sensor is for the Tire Pressure Monitoring system (TPMS). It tells you if the tire pressure is low in one of the tires. TPMS is required on cars now so you should try to get it fixed.
Gary is correct about tire pressure, but he didn't completely answer your question. Yes, the TPMS monitors tire pressure and alerts you when one or more tire's pressure becomes out of acceptable range. It communicates with battery powered sensors in the wheels. It is frequent that a sensor's battery goes dead enough to alert the system and the TPMS light goes on. Or a sensor itself dies and produces the same result. A mechanic/tire-pro can scan to find out which. In either case, you have to remove one bead of the tire to access the problem sensor and then remount & balance the tire which can be expensive. I think the TPMS is just a nuisance, but there's nothing you can really do about this but fix the problem to get rid of the light. I just put tape over the light and wait until I get new tires to replace all the batteries and, if necessary, fix a sensor. Well, that's what I do, anyway.
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