I think you’ve got the situation pegged.

[northpath]

It an American comedy “Support Your Local Sheriff”, one of the characters says:
I think you’ve got the situation pegged.
What does this sentence mean?

 

[Barque]

It probably means "I think you've understood/dealt with the situation".

But what's the context? What was happening at that time? What had the person who's being addressed done?

 

[Tarheel]

It an American comedy “Support Your Local Sheriff”, one of the characters says:
I think you’ve got the situation pegged.
What does this sentence mean?

I would use the present tense, thus:

I think you understand the situation.

Or:

I think you have things figured out.

 

[SoothingDave]

Got you pegged

Link above to dictionary.