Meaning
To kick the bucket / To die
Example
Meu vizinho abotoou o paletó semana passada, estava doente.
My neighbor kicked the bucket last week, he was sick.
Origin
The image behind abotoar o paletó ("to button up one's suit jacket") is that of a dead person dressed for the wake and burial, the suit done up one last time inside the coffin. It is one of many playful Brazilian euphemisms for dying, alongside expressions like bater as botas ("to kick the boots together").
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity