Glossary
Instance Metadata Service (IMDS)
The VM-local endpoint at 169.254.169.254 that exposes instance metadata and issues managed identity tokens to code running on the VM.
The Azure Instance Metadata Service (IMDS) is a REST endpoint reachable only from inside a VM at 169.254.169.254. Among other things it issues access tokens for the VM's managed identities at /metadata/identity/oauth2/token, with a required Metadata: true header that Microsoft describes as an SSRF mitigation (Microsoft Learn).
Any code running on the VM can request these tokens. An attacker with code execution — for example through Run Command — can take a token and replay it from elsewhere (MITRE T1528).