It's the informal way of saying "I want it" in Spanish. The formal way to say it would be "Lo deseo".
Here's a breakdown:
* Lo: This is the direct object pronoun, which means "it".
* Quiero: This is the first person singular present tense conjugation of the verb "querer", which means "to want".
Examples:
* "Lo quiero para mi cumpleaños." (I want it for my birthday.)
* "Lo quiero ahora mismo." (I want it right now.)
* "Lo quiero en color rojo." (I want it in red.)
It's important to note that the exact meaning of "lo quiero" can vary depending on the context.