Yes, * is called a "wildcard" and it's mostly used as a symbol to represent one or more characters.
Consider your example (with added command from me):
ls /home/renga/i*
where the /home/renga directory is like this
internal
inspiration
auth
unknown
liar
i*
Thus your command will give an output like this:
/home/renga/internal
/home/renga/inspiration
/home/renga/i*
If you want to access the i* directory or file, you need to add a backslash, \, in your command, so the command is something like this ls /home/renga/i\*, and the output will list the i* file or the content of the i* directory.
You can also use a quote to avoid matching filenames. So it is would be something like this:
ls /home/renga/"i*"
You can read more about wildcards here