The black hole information paradox results from the combination of quantum mechanics and general relativity. It suggests that physical information could "disappear" in a black hole, allowing many physical states to evolve into precisely the same state. This is a contentious subject since it violates a commonly assumed tenet of science—that in principle complete information about a physical system at one point in time should determine its state at any other time.
In 1975, Stephen William Hawking and Jacob Bekenstein showed that black holes should slowly radiate away energy, which poses a problem. From the no hair theorem, one would expect the Hawking radiation to be completely independent of the material entering the black hole. Nevertheless, if the material entering the black hole were a pure quantum state, the transformation of that state into the mixed state of Hawking radiation would destroy information about the original quantum state.
This violates Liouville's theorem and presents a physical paradox. More precisely, if there is an entangled pure state, and one part of the entangled system is thrown into the black hole while keeping the other part outside, the result is a mixed state after the partial trace is taken over the interior of the black hole. But since everything within the interior of the black hole will hit the singularity within a fixed time, the part which is traced over partially might "disappear", never to appear again.
Of course, it is not really known what goes on at singularities once quantum effects are taken into account, which is why this theory is conjectural and controversial.