Yep, "little horses". But it must be an archaic version; if we are to derive a diminutive from конь today, we’ll say ко́ники.
> today, we’ll say ко́ники.
That's news to me. The one place where this word is commonly used is in reference to seahorses - and those are definitely "морские коньки", not ко́ники.
Well, I can't imagine calling land horses "коньки", while "коники" is definitely used, albeit rarely.
This has proven to be one of the most difficult words to look up that I've encountered so far.
Katzner's Russian-English dictionary refers Коньки to конёк, defined as a diminutive of конь (horse), as a plural noun meaning "skates", a ridge of a roof, a curved horse's head used as a decoration for a roof, and one's chief interest or favorite topic of interest.
There isn't any singular version, which made me wonder what you say if you want to get one skate repaired.
I also ran across the word «скейт», which seems to be either a skate or a skateboard - but it's not in Katzner's dictionary.