1. inhabitants: the inhabitants of a town, region, or other area
2. general public: ordinary people, as distinct from the political elite or the aristocracy
[Late 16th century. Via French< Italian popolaccio "rabble" < popolo "people" < Latin populus]
Spelling Note
Do not confuse the spelling of populace and populous, which sound similar. Populace is a noun meaning "the inhabitants or ordinary people of a place," whereas populous is an adjective meaning "densely populated."