It is the formal accusation that launches a serious criminal case, and a famous joke says a good prosecutor could get a grand jury to indict a ham sandwich.
An indictment is a formal written charge, issued by a grand jury, accusing a person of a serious crime. It is not a finding of guilt; it is the official statement that there is enough evidence to put the accused on trial.
It marks a threshold. Before an indictment, a person is a suspect under investigation. After it, they are a defendant facing specific charges, and the machinery of a criminal trial begins to move.
The standard to indict is low, which is the point of the famous quip by Judge Sol Wachtler that a prosecutor could persuade a grand jury to indict a ham sandwich. The grand jury hears only the prosecution's evidence and need only find probable cause, not proof beyond a reasonable doubt.
That low bar is why indictment is the beginning, not the end. The real test comes at trial, where the presumption of innocence applies, both sides are heard, and the far higher standard of proof beyond a reasonable doubt must be met before a conviction.