1. slang An exclamation used when one has located or caught someone or something. A colloquial variation of "(I) got ya," which itself is a variation of "(I) got you." Ha, gotcha! All right, let's go release this little mouse back into the wild. A: "Gotcha!" B: "Aw man. How did you find my hiding place?"

2. slang I understand your message, explanation, or instructions. Oh, so I should turn the blue dial first—gotcha. A: "That's why I had to leave so early." B: "Gotcha."