Meaning
Something very cool, excellent.
Example
Que blusa pai d'égua essa que tu comprou!
What an awesome shirt you bought!
Origin
From the North and Northeast of Brazil, the expression joins pai (father) and égua (mare) to denote something of great value or quality — historically tied to breeding horses (the sire of the mare).
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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