Electronic Speed Control (ESC): Electronic speed controls replace the mechanical speed control and servo providing enhanced power efficiency and precision in an electric R/C car, airplane, helicopter or boat. In addition, they are lighter which improves the performance of some electric models.

esc single schematic
Wikipedia:
An electronic speed control or ESC is an electronic circuit with the purpose to vary an electric motor's speed, its direction and possibly also to act as a dynamic brake. ESCs are often used on electrically powered radio controlled models, with the variety most often used for brushless motors essentially providing an electronically-generated three phase electric power low voltage source of energy for the motor.

An ESC can be a stand-alone unit which plugs into the receiver's throttle control channel or incorporated into the receiver itself, as is the case in most toy-grade R/C vehicles. Some R/C manufacturers that install proprietary hobby-grade electronics in their entry-level vehicles, vessels or aircraft use onboard electronics that combine the two on a single circuit board.

Cars
ESCs designed for sport use in cars generally have reversing capability; newer sport controls can have the reversing ability overridden so that it can not be used in a race. Controls designed specifically for racing and even some sport controls have the added advantage of dynamic braking capability. The ESC forces the motor to act as a generator by placing an electrical load across the armature. This in turn makes the armature harder to turn, thus slowing or stopping the model. Some controllers add the benefit of regenerative braking.

Helicopters 
ESCs designed for radio-control helicopters do not require a braking feature (since the one way bearing would render it useless anyhow) nor do they require reverse direction (although it can be helpful since the motor wires can often be difficult to access and change once installed). Many high-end helicopter ESCs provide a "Governor mode" which fixes the motor RPM to a set speed, greatly aiding CCPM-based flight.

Airplanes 
ESCs designed for radio-control airplanes usually contain a few safety features. If the power coming from the battery is insufficient to continue running the electric motor the ESC will reduce or cut off power to the motor while allowing continued use of ailerons, rudder and elevator function. This allows the pilot to retain control of the airplane to glide or fly on low power to safety.

Boats
ESCs designed for boats are by necessity waterproof. Also, many are water-cooled. Like cars, boats need braking and reverse capability.