A constant is a defined value that does not change, such as pi, i, and e, and serves as a "fudge factor" in equations to simplify calculations. In physics, constants describe the behavior of systems and remain unchanged regardless of the system's conditions or environment. The discussion highlights that constants can have different meanings in mathematics and physics, with an emphasis on their role in physical theories. For example, in the equation F = kma, "k" is a constant that maintains the same value across different scenarios. The conversation also differentiates between constants that apply universally and those that are context-specific, like acceleration in a particular situation.