This chamber introduces the concept of pellets, pellet launchers and pellet receivers.
You must be careful around pellets though; as GLaDOS says, they're dangerous, and will instantly kill you if you touch them:
While safety is one of many Enrichment Center goals, the Aperture Science High-Energy Pellet, seen to the left of the chamber, can and has caused permanent disabilities, such as vaporization. Please be careful.
—GLaDOS
The objective here is to direct a pellet into the pellet receiver, which will then power the lift, enabling access to the chamberlock. Since there is a fixed orange portal end beneath the pellet launcher, it makes sense to put a portal above the pellet receiver, so that when pellets are launched, they go through the portal, and fly into the receiver. Notice that a red light is radiating out of the receiver, and this shows up on the ceiling directly above it. This can be used to accurately place a portal across from the pellet receiver. The pellet will fly through and be captured by the pellet receiver, which will then power the lift, allowing you to proceed to the next chamber.