Build it from parts:
陨 ('fall from the sky') +
石 ('stone') =
陨石 ('meteorite, fallen stone') +
坑 ('pit / hole') = 'meteorite pit'. Compare with
火山口 (huǒshānkǒu, 'volcano mouth' = volcanic crater) — Chinese distinguishes the two cleanly:
坑 for impact (a pit),
口 for volcanic (a mouth).
