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Bicameral is an SAT word, meaning "two chambers" just as you thought it would.
In psychology, "bicameralism" is Julian Jaynes' hypothesis that the left and right sides of the human brain used to operate separately, with the thoughts of one appearing as auditory hallucinations in the other, until just a few thousand years ago, when humans suddenly became conscious as we know it.
This idea is not widely accepted and there's some lack of falsifiable versions of the hypothesis, but at least a few psychologists consider the idea "interesting" rather than "crank."
It refers to any legislative house in government which has two independent yet essential chambers. The United States Congress is one such bicameral body, composed of the House of Representatives and the Senate. Other bicameral bodies include the Canadian and British parliaments.
Except for those studying for end-of-high-school standardized tests or those studying political science or government courses, there is absolutely no reason to know this word.