ESV - 25 To Eber were born two sons: the name of the one was Peleg, for in his days the earth was divided, and his brother's name was Joktan.
For follow-up discussion and general commentary on the topic. Comments are sorted chronologically.
I just now looked in the MacArthur Study Bible (which is an excellent resource for Biblical questions), and JMac wrote regarding this passage, "This looks ahead to the dispersions of nations at Babel." Genesis 11:1-9
I have just looked at the notes in my NIV, which tell me that "Peleg" means "division".
There are other examples of this type of naming. In Genesis 17:5, God renames Abram to Abraham, "for I have made you a father of many nations". My NIV version notes tell me that "Abraham" means "father of many". In Genesis 21:6, Sarah says that God has brought her laughter. The NIV notes tell me that "Isaac" means "he laughs". Similarly, "Jesus" is the Greek form of "Joshua", the notes tell me. They go on to say that Joshua means "The LORD saves". (Matthew 1:21)
I just love the story of Jesus visiting Zacchaeus' house in Luke 19:1-9. Jesus tells the little man that "today salvation has come to this house", a word play on his own name!