The kernel is using excessive processor cycles. Below is a partial list of causes for this condition.
Throttling
When it gets high temperature readings from the hardware, the kernel may try to compensate by interrupting the processor(s) to slow them down and reduce heat dissipation. This condition can be due to an accumulation of dust, to high ambient temperature, or to the malfunction of a cooling fan or temperature sensor. You might, or might not, see messages like the following in the Console window:
SMC::smcHandleInterruptEvent WARNING status=0x0 (0x40 not set) notif=0x0
The timestamps of those messages (if any) indicate the times, since the log was last cleared, when a processor was being throttled due to high temperature.
Note that if the problem is caused by a faulty sensor that reads too high, there may be no actual overheating.
The Apple Hardware Test, though not very reliable, is sometimes able to detect a bad fan or temperature sensor.
Using Apple Hardware Test
Encryption
Transferring large amounts of data to or from an encrypted disk image or FileVault volume may put an extra load on the kernel. If both the source and the destination are encrypted, the load may be doubled. If you transfer data from an encrypted disk image on an encrypted partition to another such image on another encrypted partition, the load may be quadrupled.
This issue probably doesn't affect late-model Macs with an Intel i-series, recent Xeon, or later processor. Those processors support hardware-accelerated encryption. You can determine what kind of processor you have by selecting About This Mac from the Apple menu in the menu bar.
Installed software
User-installed software that includes a device driver or other kernel code may thrash the kernel. Some system-monitoring applications, such as "iStat," can also contribute to the problem. You can test for this possibility by completely disabling or removing the software according to the developer's instructions, or booting in safe mode (with the shift key held down at the startup chime.) Note, however, that disabling a system modification without removing it or booting in safe mode may not be as easy as you think it is.
Corrupt NVRAM or SMC data
In some cases the condition has reportedly been cleared up by resetting the NVRAM or the SMC. I can't confirm.