Experiential learning, just like it sounds, is learning through personal experience. However, beyond learning though personal experience, it is also the reflection on what is being learned.
For instance, when learning to repair a car you are learning how to attach and test different pieces of the engine. However, beyond that physical learning a person is also absorbing how the parts work together to make the engine function correctly and reflecting on how the engine works as a whole.
Also see, See Discovery Learning.