I have about 37,300 miles on my IS250 and I got the engine light and TRAC OFF. What does this mean

 

Hook you car up to an OBD2 scanner to read the codes. If you don't own one, many auto parts stores (e.g. autozone) will read the codes for free. When the check engine light is on, the car disables traction control, which produces a "check VSC" indication in the cluster.

 

You have a DTC. Means something is malfunctioning. If your close to an Autozone get the codes read, and report back here.

 

As was said, it means something is wrong. Without getting the code(s) read, nobody will be able to tell you what that something is.

Jeff