It literally translates to "The play has been acted", but its meaning is more about the completion and finality of something.
This phrase is often used to signify:
* The end of a performance or event.
* The conclusion of a story or chapter.
* The passing of a life.
It can also be used more generally to express the idea that something has come to an end and that it's time to move on.
The phrase is attributed to the Roman emperor Augustus, who reportedly used it in his last moments.