In a hostage situation, a police officer says
We don't need the FBI here. We got this.
What does "We got this" mean? Could it mean "We got this thing under control"?
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Yes, you got it right, though I'd say "we have this thing under control".
The verb 'to get' is very flexible, I'm struggling to find an equivalent definition for this in a dictionary. But this usage is fairly common.