Meaning
Drop it / let it go
Example
Larga mão dessa briga, não vale a pena.
Drop this fight, it's not worth it.
Origin
A literal phrase: largar mão de = to let go of [something held]. In informal Portuguese it has long meant 'drop the matter, let it go.
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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