In science, a hypothesis is an idea or explanation that you then test through study and experimentation. Outside science, a theory or guess can also be called a hypothesis.
A hypothesis is something more than a wild guess but less than a well-established theory. In science, a hypothesis needs to go through a lot of testing before it gets labeled a theory. In the non-scientific world, the word is used a lot more loosely. A detective might have a hypothesis about a crime, and a mother might have a hypothesis about who spilled juice on the rug. Anyone who uses the word hypothesis is making a guess.