to keep an eye on two things at once, especially while guarding against a risk
Enquanto cozinhava e cuidava das crianças, a Joana ficou com um olho no peixe, outro no gato.
While cooking and watching the children, Joana kept an eye on both things at once.
This anonymous popular proverb imagines someone guarding a fish while also watching the cat that may steal it. The fish represents the task or goal; the cat represents a competing risk, so the phrase means monitoring both at once.
Falando's Idiom Trainer teaches you to recognize idiom meanings and create sentences using them, so you can speak like a Brazilian.