To "throw up" usually means to vomit. That is the most straightforward meaning that most people will assume.
To "throw something up", like "throw up his hands", is different. Likewise, if there is a reason to think that a person actually throws an object, then we might think that the sentence is talking about the direction that an object travels through the air. However, if the phrase "throw up" is used without any context that provides further description, then vomiting is generally what is meant. That is what I would likely think of (and so is probably what many other native speakers would think of).
Despite Usernew's answer showing that "to reveal" is another definition, which may be a way to use the phrase which is technically accurate, I'm saying (as an American English speaker) that isn't the most common usage. "To reveal" is not what people tend to initially think.