Let me expand my comment into a short answer. A subset $X \subset \mathbb{P}^m \times \mathbb{P}^n$ is a closed algebraic subvariety if and only if it is given by a system of polynomial equations $$G_k(x_0, \ldots, x_m; \, y_0, \ldots, y_n)=0 \quad \operatorname{for}\;k=1, \ldots, t,$$ homogeneous separately in each set of variables $x_i$ and $y_j$. In particular, if $X$ is a hypersurface one has $t=1$, for dimension reasons. See for instance [1, Theorem 1 p. 57].
References.
[1] I. G. Shafarevich: Basic Algebraic Geometry 1, Second Edition, Springer 1994.