It's like putting someone or something on blast or bursting their bubble.
Let's say someone is acting like they the COMPLETE shit and it's annoying the shit outta you. You'd say this to them:

"Hun, you walk around with your head all held high, like you better than people. But here's THE GOTCHA: You ain't shit nor will you ever be. Thanks."
by ChrissiRawks August 1, 2007
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I understand what you've communicated
Friend A: Please don't do that again bro'

Friend G: Gotcha
by marytoons October 16, 2010
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Comes from, "I 'got' you."
Which is an alternative for, "I understand you."
Or, "I will comply."
"Lock up when you leave."
Reply:
"Gotcha."
by John R. Carter, Sr. June 11, 2005
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a reply of acknowledgement, a verbal abbreviation of "I got you", which is derived from "I got what you're saying".
me: "I'm staying in tonight."
her: "why? you not feeling well?"
me: "nope. I'm cuffed."
her: "gotcha. oh well don't worry about it. I got cash. I'll be there in 5, see you soon."
me: "sweet."
by hipster January 18, 2005
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a slang version relaxed pronunciation of got you or I've got you, usually referring to an unexpected capture or discovery of another person.
You are stealing my drinks! Gotcha!
by Bendek January 5, 2012
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An annoying or unfavorable feature of a product or item that has not been fully disclosed or is not obvious.
The new camera takes excellent photos, but one major gotcha is its slow processing time.
by Domenic D. January 18, 2008
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Explicative shouted after screwing someone over big time, but the fact that you said "gotcha" makes it all OK.
Sue - "They towed my car! Unbelievable! I saw you put the money into the parking meter though"
Jack - "Actually I just pretended to put money in, I pocketed it instead"
Sue - "Jack! Thats a $90 fee! You idiot!"
Jack - "Gotcha!"
Sue - "Haha! Oh Jack..."
by Devin Hush November 10, 2007
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