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
The phrase is usually traced to colonial Brazil and the tropeiros, the muleteers who hauled goods across the country in long pack-trains of donkeys and mules. On treacherous river crossings, in storms or during a panicked flight, the animals could be lost in the water — the drivers literally "ran into the donkeys in the water" and arrived with nothing.
Source: Ciberdúvidas da Língua Portuguesa.
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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