Rank
suffix
The kanji and the word are exactly the same. That means they share meanings as well.
The reading is the on'yomi reading, which you learned. This is probably because you'll see this word attached to other words, showing the rank of that thing.
三位
third place
二位
second place
一位
first place
今年は何位だろう？
I wonder where I'll rank this year.
あのテニスプレイヤーは世界ランキング三位です。
That tennis player is ranked third in the world.
マラソンで一位になったので、両親がマウンテンバイクを買ってくれた。
I came in first in the marathon, so my parents bought me a mountain bike.