Formal:
* Qu'est-ce que cela signifie ? (This is the most literal translation and is appropriate for formal situations.)
* Que signifie ceci ? (This is also formal and can be used in writing or with strangers.)
Informal:
* Ça veut dire quoi ? (This is a more casual way to ask and is commonly used with friends or family.)
* C'est quoi, ça ? (This is even more casual and can sound a bit slangy.)
* Qu'est-ce que c'est que ça ? (This is another informal option, a bit more polite than "C'est quoi, ça?")
Note: You can replace "this" with a more specific word, like "cette phrase" (this phrase) or "ce mot" (this word).
The best way to choose the right phrase is to consider the context and your relationship with the person you are speaking to.