Strace is a tool that tells you how your application interacts with your operating system.
It does this by telling you what OS system calls your application uses and with what parameters it calls them.
So for instance you see what files your program tries to open, and weather the call succeeds.
You can debug all sorts of problems with this tool. For instance if application says that it cannot find library that you know you have installed you strace would tell you where the application is looking for that file.
And that is just a tip of the iceberg.