It's a Tagalog verb, and the word "talop" itself means "jump." The prefix "pag-" is used to form the verb form.
Here are some examples:
* Tatalon siya sa ilog. (He will jump into the river.)
* Pagtatalop ng bata. (The child's jumping.)
* Magtatalop kami sa tulay. (We will jump on the bridge.)