Many a Lime, the reactions are carried out when the reactants are not present in the amounts as required by a balanced chemical reaction. In such situations, one reactant is in excess over the other.
The reactant which is present in the lesser amount gets consumed after sometime and after that no further reaction takes place whatever be the amount of the other reactant present. Hence, the reactant which gets consumed, limits the amount of product formed and is, therefore, called the limiting reagent.