Meaning
To fail miserably / To come up empty
Example
Investiu todo o dinheiro naquele negócio e deu com os burros n'água.
He invested all his money in that business and came up empty.
Origin
Rural Brazilian imagery of donkeys ('burros') refusing to cross a river and their rider landing face-first in the water.
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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