It's important to note that the phrase is in the present continuous tense and refers to an action that is happening right now.
Here's a breakdown of the phrase:
* Lo: This is a pronoun that stands in for "what" or "that which."
* que: This is a conjunction that introduces a relative clause.
* está: This is the present participle of the verb "estar," which means "to be."
* haciendo: This is the present participle of the verb "hacer," which means "to do."
Here are some examples of how you could use this phrase in a sentence:
* No sé lo que está haciendo. (I don't know what he/she/it is doing.)
* Me gusta lo que está haciendo. (I like what he/she/it is doing.)
* ¿Puedes decirme lo que está haciendo? (Can you tell me what he/she/it is doing?)
The specific meaning of the phrase will depend on the context in which it is used.