Meaning
To have the upper hand / To hold all the aces
Example
Agora sou rico, poderoso e influente, tenho a faca e o queijo na mão!
Now I'm rich, powerful and influential, I hold all the aces!
Origin
The image is from the kitchen: if you have both the knife ('faca') and the cheese ('queijo'), you can cut as much as you want. To 'hold the upper hand' in any negotiation.
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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