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/Sounds like the English word "no" (same pronunciation) + "EYE" (as in "eye") + "PEH" (as in "pet") + "doh" (as in "door")/

Meaning

No problem, it's all good, don't worry about it. It's the universal Mexican response to brush something off and say everything's chill.

Examples

Sorry for being late?,No hay pedo, all good.

The glass broke but no hay pedo, I have more.

Regional synonyms

To go too far, to cross the line, to be completely over the top. In Argentina and Uruguay, "zarpado" works both ways: it can be a compliment meaning something is insanely good, or an insult meaning someone was totally out of line. The tone and context decide everything.