In poker, the term limit can have two different meanings. First, it can refer to a betting structure, such as a no-limit, pot-limit, or fixed-limit game.
The second, more common meaning uses the term limit to describe stakes. So, for example, a high-limit game has the same meaning as a high-stakes game.
If you say someone is a low-limit player, you’re indicating that they are someone who usually plays at low stakes. Likewise, a high-limit player is someone who is used to playing in high-stakes games or even nosebleeds.