what is called; as it is called; so-called
いわゆる marks a noun as the common or widely used name for something, often implying that the name may not be precise or that the speaker is distancing from it.
いわゆる is a set phrase meaning 'so-called' or 'what is called'. It introduces a name or label that is commonly known, but the speaker often implies that the label is not entirely accurate or that they have some reservation about it. For example, you might use it when quoting a popular term you wouldn't personally choose.
It is used in both spoken and written Japanese, but it sounds a bit formal and explanatory. In conversation, it often appears in contexts like news, explanations, or when introducing a term. It is not rude, but it can sound slightly detached or critical when the label is seen as misleading.
Because it is a fixed phrase, you don't need to worry about conjugation. Just place it directly before the noun you are labeling.