When you very nearly get away from something or someone that would have killed you.
Chica: "My brother heard this loud bomb last night outside our house so he grabbed his shotgun and started down the driveway to see who it was."
Duder 1: "Are you serious? Oh my God! That was us. It was a pop bottle bomb. We were just messing with you."
Duder 2: "Holy shit dude would he have shot us?"
Duder 1: "Probably! That was one hell of a death escape."