For those who don't play, the most iconic infinite combo involves two cards, the first says "Whenever you gain life, an opponent loses that much life.", the second card says "Whenever an opponent loses life, you gain that much life."
These cards, when combined, do nothing... until you gain a life or an opponent takes damage. Then their effects combined means a chain reaction that repeats until your opponents are dead and you have gained as much life as they had.
There's a variety of infinite combos in MTG. Some of them involve a creature that says "Tap to add mana to your mana pool" combined with another card that says "Pay mana to untap a creature", allowing you to tap and untap an infinite number of times.
Some infinite combos involve returning a card to your hand, and recasting it which gives you the resources you need to return it to your hand and recast again. Some infinite combos involve looping a card from your discard pile repeatedly.
There are no one-card infinite combos (that would likely not make it past the testers), but there are plenty of two-card infinite combos, and an combinatorically increasing number of three and four card infinite combos.
I think there is some similarity computationally speaking between turing completeness, and the ability to construct an infinite combo in a game like MTG. An infinite allows you (the player) to continue taking the same action over and over again, accumulating some game resource in the process. This bears resemblance to the infinite tape Turing envisioned, a way to hold data. Player actions are much analogous to the instruction set. Infinites that are optional for the player (not all infinites in MTG are optional once the pieces are on the board) can also stand in for conditional statements - a key requirement of turing completeness.
I'd be interested in seeing the bare minimum number of cards required to generate turing completeness. If anybody else knows more about this domain, I would love to hear their opinions.