Definition
Synonym of take down a notch.
Also Said As
How People Actually Use It
To lower someone's inflated ego or self-image, to debase.
"Ho: "I went to this women's rights rally the other day. It made me realize that I'm not just a piece of meat and I have feelings and I don't want to put up with this any.." Pimp: (interrupts) "Shut up bitch!" ***SMACK!*** "That oughta take you down a peg or two.""
Source: Urban Dictionary