A limepit is a place where people used to make lime. Lime is a powdery substance that is used for lots of things, like making cement for buildings, or even just for painting a wall white.
To make lime, people would start by gathering rocks that contained a substance called limestone. Limestone is a kind of rock that has a lot of calcium in it.
The rocks would be put into a big pit, which was basically a hole in the ground that was lined with clay. Then, wood would be stacked on top of the rocks.
The wood would be set on fire, and as it burned, the heat would make the limestone rock get very hot. This would cause a chemical change called "calcination," and the calcium in the rocks would turn into burned lime.
The burned lime would be removed from the pit and turned into a fine powder. People would then use the powdered lime for all sorts of things!