This phrase is not a slang, but a literal term used metaphorically. It's used to describe a strong desire for revenge or a deep grudge against someone. The literal translation is 'blood in the eye'.
Examples
- Spanish: Después de lo que hizo, tengo sangre en el ojo con él.
- English: After what he did, I have 'blood in my eye' against him, meaning I hold a deep grudge against him.