A more thorough explanation:

A fence is a person who buys and sells stolen goods. They usually pretend not to know that the goods are stolen. They pay the thief a price for the stolen goods and then sell them to others. A place where stolen goods are sold can also be called a fence.

For example, if someone steals a TV and sells it to a fence, the fence will pay the thief some money for the TV and then sell it to someone else.

In Scots law, fence can also mean a formal warning to not interrupt or obstruct judicial or legislative proceedings, or a penalty of forfeiture prescribed in a statute or a contract.

Another example of a fence is a person who knowingly buys stolen jewelry from a thief and then sells it to someone else.