A Honeypot is something like, the website, creates a vulnerability on the net, and lures in the attackers to hack using that same vulnerability. It actually is not a real vulnerability, but a pathway created so that the attacker may enter through it and directly all his system info, including his physical location can be targeted without him knowing that it may be a trap. These are used in many other ways to find intrusions, the number of attacks that a website suffers, as well as it can be used for nabbing those black hat hackers.
Source: https://thehackernews.com/2011/01/be-aware-hacker-honeypots-now-in-india.html