This is a common phrase used to politely ask someone to wait for a short time. "ちょっと" means "a little bit" or "a moment," and "待って ください" is the polite request form of "待つ" (matsu - to wait). It's useful in many daily situations.

相手に少しだけ待ってほしい時に使う丁寧な表現です。「ちょっと」は「少し」、「待って」は「待つ」の命令形です。