Carrier oils are vegetable (and some animal-based) oils that are used to dilute essential oils. (Before essential oils can be used in aromatherapy they must be diluted in a 'carrier', since they are too powerful to use neat. Essential oils can cause skin irritations or itching when used in undiluted forms.)
They carry the essential oil onto the skin. If it's a vegetable oil, then it's derived from the fatty portion of a plant, usually from the seeds, kernels or the nuts. It it's an animal-based carrier oil, then it comes from the rendered and refined fat of the animal.
Carrier oils give the necessary lubrication to allow the hands to run smoothly over the skin and not 'drag' whilst massaging.
They contain vitamins, minerals and essential fatty acids.