A frame-killer is any action or element in a software that causes abnormal stress on the hardware, thus causing the frame rate of the application to visibly drop below normal levels for the duration of the action/element.
It is a common term used in video games, since there are usually commonly recurring elements across games that can cause the frame rate to undergo a visible drop. Such elements include explosions, fire, water, hair and fur, and various onscreen clutter.
Jordan: I love playing fire-based characters in video games, I just love watching flames and explosions because they're so pretty.
James: Ahh, so you like frame-killers.