The equation L = r × p represents the relationship between angular momentum (L), the position vector (r), and linear momentum (p) of an object. In this equation, L indicates the angular momentum, which is a measure of the rotational motion of an object, while r is the distance from the axis of rotation to the point where linear momentum is measured, and p represents the linear momentum of the object, defined as the product of its mass and velocity. This equation helps to understand how angular momentum is conserved in systems where no external torques are acting.