Meanings
To stop doing something and give up because it's hopeless

Examples
Tired of the endless and useless fights with his wife, he threw up his hands and left home
Stanco delle continue e inutili discussioni con la moglie, ha alzato le mani e se ne รจ andato

I have always helped her, but when I heard that, despite the economic downturn, she had quit this job too, I threw up my arms and gave up on her
L'ho sempre aiutata, ma quando ho saputo che, nonostante i tempi di recessione economica, si era licenziata ancora una volta, ho alzato le mani sconsolato e mi sono arreso

Origin
This idiom alludes to a traditional gesture for giving up