192.168.1.254 is a default IP address for certain routers made by following manufacturers: Thompson, Alcatel, Billion, 3Com, Linksys and TP-Link. Usually all routers have web admin integrated so you can open their web control panel by typing the 192.168.1.254 into your browser address bar.
There you can change various settings and you can even change default IP address of a router to something more suitable to your needs and network.
192.168.1.254 is also an IP address from reserved IP range, which means it can be only used inside local area networks, where more computers can access to Internet over a single IP address.
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