Formal:
* Qu'est-ce que cela veut dire ? (This is the most literal translation and works in most situations)
* Que voulez-vous dire par là ? (This is a bit more polite and implies a misunderstanding)
* Quelle est la signification de cela ? (This emphasizes the meaning rather than the speaker's intention)
Informal:
* C'est quoi, ça ? (This is very casual and can be used with friends)
* T'as voulu dire quoi par là ? (This is even more casual and is used with close friends)
* Tu veux dire quoi par ça ? (This is slightly less casual than the previous option)
To express frustration or annoyance:
* Qu'est-ce que tu racontes ? (This means "What are you talking about?" and implies that the speaker finds the statement nonsensical)
* Tu te moques de moi ? (This means "Are you making fun of me?" and implies the speaker is offended)
The best translation will depend on the specific situation and the relationship between the speakers.