Combos
Combos allow you to add custom actions when a certain combination of keys is pressed. For example, hitting A and S within the combo term would produce Escape instead, or have it perform even more complex tasks.
1. Combos
Click the Combos tab at the top and one of the available numbers below it. By default, the number of configurable combos is calculated from the EEPROM size on your keyboard’s microcontroller. This limit can be adjusted at compile time (not the GUI) when building firmware.

The settings for that particular combo will be shown. Up to 4 combination of keys can be configured to activate 1 action. Each key must be pressed within the combo term to be considered a combo. In the case below, pressing the +/= key and the Backspace key will instead trigger the Delete key.

2. Using a Combo
After the combo has been configured and saved, it can be used. There is no need to assign it to a specific key.
More info
Combos is a QMK feature and more detailed information can be found with the official QMK documentation.