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(あいて)に少し(すこし)だけ待って(まって)ほしい時(とき)に使う(つかう)丁寧(ていねい)な表現(ひょうげん)です。「ちょっと」は「少し(すこし)」、「待って(まって)」は「待つ(まつ)」の命令(めいれい)形(けい)です。