Co leave quickly, usually because of fast apporaching danger. This phrase is most often yelled to alert other people to leave immediately, but can also mean get out of here in a more relaxed sense. Example: Cheese it, the Feds! and Ready to go? Let's cheese it, then.
CHEESE IT
Meaning of CHEESE IT in English
Slang English vocab. Английский сленговый словарь. 2012