A unital operad $O$ (here "unital" means that for every color $C$ of the operad, there is a unique nullary $C$-valued operation). For example, $O$ could be the operad for unital magmas. I don't know how essential the unitality hypothesis is.
A "fibration of generalized operads" $C \to O$. We'reI believe we're supposed to think of this as a category $C$ with "$O$-monoidal structure", or an $O$-algebra object in $Cat$. For example, if $O$ is the operad for unital magmas, then any monoidal category acquires such a structure by restriction along the map from $O$ to the associative operad.
An $O$-algebra $A$ in $C$. I'm not 100% sure I'm unwinding the definitions correctly (Lurie has several subtly different concepts he denotes by "$Alg$" with various decorations, and I'm not straight on what's what), but I believe that when $O$ is the operad for unital magmas and $C$ is a monoidal category, then $A$ is just a unital magma object in $C$.
That second point really throws me, and bears repeating -- for Lurie, a "module over an associative algebra object" is neither a left nor a right module, but rather a bimodule (I hasten to add that he does develop the theory of left and right modules separately, without reference to this more general context). For example, Lurie's notion does not recover the notion of a group acting on a set. Lurie explains that the motivation for doing it this way (the idea of which I think he attributes to John Francis) is that he wants to have an $O$-monoidal structure on the category of $A$-modules -- and of course left $A$-modules don't generally have a monoidal structure, but $(A,A)$-bimodules do. I have no idealidea whether the operad for unital magmas satisfies the technical "coherence" condition guaranteeing that $Mod_A^O(C)$ does in fact have an $O$-monoidal structure; if it doesn't, then the main motivation for introducing this notion evaporates and perhaps it ends up not being useful. But it's still there.