Bi-Timbral
Bi-timbral describes a synthesizer or electronic instrument capable of producing two different timbres at the same time.
A bi-timbral synthesizer has two "parts" or "sound engines" that can operate independently. This allows you to play two distinct sounds simultaneously, either by splitting the keyboard or layering them.
Example of Split: You can split the keyboard in half, playing a bass sound with your left hand and a piano sound with your right hand.
Example of Layer: You can layer the sounds, making each key trigger a piano sound and a string sound at the same time to create a richer timbre.
It's a step above a monotimbral synthesizer (which only plays one sound at a time) and a step below a multi-timbral, which can play more than two sounds simultaneously (usually 8 or 16).