A lotus is, well, a lotus. In Buddhist scripture, though, it's often a sacred lotus. If you spot one growing in a random pond somewhere, it's probably the former, but if it looks all ethereal and there's a Buddha sitting on it, it's probably the latter, so use your judgment!

Since this word is made up of a single kanji, it probably uses the kun'yomi reading. You haven't learned this reading yet, so here's a mnemonic to help you:

Whenever you see a lotus, you call your trusty pet husky (はす). Lotuses grow out in the middle of ponds, but you've trained your husky to swim out and get them. Picture your husky swimming back with a lotus in its mouth, panting happily: "hus, hus, hus!" Your husky is just the goodest boy.