In MCU canon we have very little to go on, on what the repulsor's actually are. When describing the Jericho missile system he states:
Tony Stark: Is it better to be feared or respected? I say, is it too much to ask for both? With that in mind, I humbly present the crown jewel of Stark Industries' Freedom Line. It's the first missile system to incorporate our proprietary repulsor technology. They say the best weapon is one you never have to fire. I respectfully disagree. I prefer the weapon you only have to fire once. That's how Dad did it. That's how America does it.
Iron Man
The accompanying book, Phase One: Iron Man, gives a little more of a description on this scene but not much at all again.
“With that in mind,” Tony continued, “I present the crown jewel of Stark Industries’s Freedom Line of armaments. This is the first missile to incorporate my proprietary Repulsor Technology—or RT, as we like to call it. A breakthrough in energy control and guidance.”
Phase One: Iron Man
He also gives a little description of how they can be used in Iron Man 2 when talking to Ivan. However, this doesn't really give us any information on what the repulsors are again.
Tony Stark: Pretty decent tech. Cycles per second were a little low. You could have doubled up your rotations. You focused the repulsor energy through ionised plasma channels. It’s effective. Not very efficient. But it’s a passable knock-off.
Iron Man 2
That's it, as far as I'm aware, of information on what the repulsors are in the MCU; so not much at all. Turning to the comics though and we do get a bit more information. The Iron Manual (1993) does give quite a nice description of what they appear to be:
Click image to enlarge.
The All-New Iron Manual (2008)
The armor's exotic features include Tony's primary energy weapon repulsor rays, a powerful particle beam weapon designed to repel attacks.
Lastly, The Official Handbook of the Marvel Universe Issue #5 gives information on what the repulsor's are (bottom right of the image).
Click image to enlarge.
The armour's major offensive weapon are his repulsor rays, which are pulsed, laser-path guided, medium-density, plasma projectors, capable of generating a maximum concussive force of 150 pounds of TNT.