Meaning
To get into trouble / To get screwed
Example
Ela tentou passar uma nota falsa e acabou entrando pelo cano.
She tried to pass off a fake bill and ended up in trouble.
Origin
Entering 'pelo cano' (through the pipe) is going down a drain. The metaphor is of being flushed into trouble.
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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