It does *not* tell you what the problem is. The light could be triggered by anything from a loose gas cap to a serious engine malfunction.
To find out the specific issue, you need to:
* Have the code read: You can do this yourself with an OBD-II scanner (available at most auto parts stores), or take your Jeep Cherokee to a mechanic or auto parts store that offers free code reading. The scanner will give you a diagnostic trouble code (DTC), which can then be looked up to identify the likely problem.
* Don't ignore it: While a loose gas cap might only trigger a temporary light, more serious problems can cause damage if left unaddressed.
In short, the engine indicator light in a Jeep Cherokee is a warning sign that requires further investigation to determine the underlying cause.