That's a common, but incorrect, understanding of the term. Merriam-Webster defines the word "species" as follows:
A category of biological classification ranking immediately below the genus or subgenus, comprising related organisms or populations potentially capable of interbreeding, and being designated by a binomial that consists of the name of a genus followed by a Latin or latinized uncapitalized noun or adjective agreeing grammatically with the genus name.
Then what is the difference between a separate race and a separate species?