It basically is a Sarcastic way to Say

"Really, I didnt Know that"
Marcus: "Did you know Jamie wore a Blue dress today?"
Jakie: "No Dip Sherlock, She is in my class."
by DDDOSnapbruh October 20, 2013
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A phrase to use to when someone tells you something that is already obvious.
Someone: You know that penguins cannot fly, right?

Me: NA DIP SHERLOCK!
by why an i here April 18, 2020
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Something you tell someone who states the obvious. More school friendly.

Similar:
No shit! (Less school friendly).
Example:

Guy 1: Hey! It's freaking cold as heck out here!
Guy 2: Well no dip Sherlock Holmes!
by X_-ProPlayerz-_X (YT) January 29, 2016
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