A phrase highly used in India, which expresses the speakers dissatisfaction and discontent of an action or statement made by the other party.
The expression has an Hebrew equivalent: 'Lama Ka-Cha', and it is uncertain whther the roots are ill spoken english by Indian folk, that was then translated into hebrew or vice versa.

Possibly the most cynical use of this word can be found written on the jump board of Nepal's famous 160m bungee jump.

When you eat dirt for the first time and leave your family to build a shack in the woods

The phrase came from Hebrew (LAMA KACHA?), can be used if someone did something wrong and/or bad to you or in general to human kind...
Can be also used in situations of surprise (most likely a bad surprise) said after a shocking action or an insult.

The phrase is coming from the Hebrew language (free translation from Hebrew), meaning unsatisfying from an action done by someone, usually when it concerns to money issues.