It's a common phrase used to describe the current state of a trash can. You would often follow this phrase with a description, such as:
* "La papelera está llena." (The trash can is full.)
* "La papelera está vacía." (The trash can is empty.)
* "La papelera está rota." (The trash can is broken.)
Let me know if you have any other Spanish phrases you'd like help understanding!