Breakdown:
* Aye: Hey, a common greeting
* Papi: Daddy, a term of endearment often used for a male friend or someone you feel close to.
* Que pasa: What's up? A common way to ask how someone is doing.
This phrase is often used in a casual, friendly context, but it's important to be aware that using "papi" for someone you don't know well can be seen as disrespectful or inappropriate.
Note: While the literal translation is "Hey daddy," it's rarely used in a literal sense and is more of a playful and informal way to greet someone.