It's a playful and informal way to express that someone is acting a bit silly or out of line. It's often used between friends or family members and can be considered endearing in some contexts.
Here's a breakdown of the phrase:
* "Estas" is the conjugated form of the verb "estar," meaning "you are" (informal, singular, second person).
* "lokito" is a diminutive form of "loco," which means "crazy" or "mad." The "-ito" ending makes it slightly more playful and less harsh.
However, be aware that this phrase can sometimes be perceived as offensive, especially if used in a formal setting or with someone you don't know well.
It's always best to consider the context and your relationship with the person before using this expression.