Taking a break from your day and sitting out enjoying the sunny weather (like lizards). Can also be a man version of tanning.
Joe: Bro its so nice out, I can't believe we're inside studying.
Dylan: Yeah for real, fuck this, lets go have lizard time.
*Group sitting outside in the sun*
Jenn *walks up*: What are you guys up to?
Courtney: We're chilling getting our lizard time get in on this!