* It's a misspelling: Perhaps you meant a different word, like "Milagro" (Spanish for miracle), "Milady" (an old-fashioned term of address for a lady), or "Mi lado" (Spanish for "my side").
* It's a regional term: It could be a word used in a specific region or dialect. If you can provide more context (where you heard it, what the speaker was talking about), it may be easier to figure out its meaning.
* It's a made-up word: Some people create their own words, especially in fictional contexts.
Please provide more information so I can help you understand the meaning of "milado."