A somewhat literary or formal term for an elderly man. In everyday speech, おじいさん is more common.
The old man of the village told us old tales.
老婆 refers to an old woman, while 老爺 refers to an old man, making them a gender-based pair.
Composed of 老 (old) and 爺 (old man). The reading ろうや is a Sino-Japanese on'yomi combination.