What it means
Usually means to run off fast, especially when you're late, in a flap, or trying to dodge a bit of aggro. In British English it can also mean something's died or given up the ghost, whether that's your phone, your car, or a person. Context matters loads, so don't chuck it into a serious moment unless you know it'll land.
Usage examples
"We pegged it to the bus stop like absolute muppets, hoodie flapping, Gregg’s still in hand, and the driver shut the doors right in our faces"
"My phone pegged it halfway through the gig so I've got zero photos, just a black screen and a dead battery."
"Soon as the rain started we pegged it down the high street and dived into the chippy before we got soaked."
"We heard the ticket inspector coming and pegged it through the next carriage like absolute gremlins."
"Thought the laptop was just sulking, but nah, it's pegged it proper and taken my uni essay with it."
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