Retarace is a static ability that appears on cards originally printed in Eventide. This ability generates a alternate play costs as long as the care with retrace is in your graveyard. This alternate play cost allows you to play the retarace card again if you pay its mana cost and discard a land card as an additional cost.
Unlike a few other mechanics that allow you to replay cards from your graveyard, when a spell that is played via its retrace cost resoles it goes to the graveyard. This means that you can play it over and over again as long as you have enough land cards to do so.
Discarding a land card is an additional cost that is paid when you cast the retrace card from your graveyard.