Meanings
Fig.: to leave a place, to move out

Examples
You've been our guest for more than two months. Don't you think it's high time you broke camp?
Sei ospite in casa nostra da più di due mesi. Non ti sembra ora di levare le tende?

We've lived in the country for years and it was great for the children, but now it's time to pull up stakes and move to the city
Abbiamo vissuto in campagna per anni ed è stato bellissimo per i bambini, ma adesso è ora di levare le tende e trasferirsi in città

Origin
Originally the camp was a military camp, but in time it came to denote any outdoor temporary camp used by hunters and the like