Fatal Error

What is the meaning of the error below? and how do l fix it? is my cache storage too too big?

Fatal error: Allowed memory size of 134217728 bytes exhausted (tried to allocate 12091392 bytes) in /home/flexpeac/public_html/libraries/joomla/cache/storage/file.php on line 142

Thanks

You need to change memory_limit in your PHP settings, if you have access to php.ini file this can be changed there, in other case you should contact with your service provider.