Meaning
To make a fool of oneself / To embarrass oneself
Example
Escorreguei em uma casca de banana e todo mundo viu, paguei muito mico!
I slipped on a banana peel and everyone saw it, I made a fool of myself!
Origin
'Mico' in Brazilian Portuguese is a small capuchin monkey, and 'pagar mico' became popular 1990s slang — probably from the card game Mico in which the player left holding the 'mico' card at the end of the round loses.
Source: Superinteressante — Pagar mico.
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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