Yes, that is the brake pad warning light meaning the pads are worn and need to be replaced. When you take your wheel off and look at the pads, there should not be much pad left. You will need to replace the sensor also since the light comes on when the sensor is worn down.
Usually I like to get the rotors turned also to get rid of any uneven wear and give the pads a good surface to bed into. Some people try to save a few dollars and not do the rotors, but I would only recommend that if you truely are on a limited budget and the rotors do not have any grooves in them.
VB
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