Stop what one is doing, as in Hold the phone! There's no sense in continuing this argument. This expression is often put as an imperative, as in the example. [Colloquial; second half of 1900s] Also see hold everything.

The American Heritage® Dictionary of Idioms by Christine Ammer. Copyright © 1997 by The Christine Ammer 1992 Trust. Published by Houghton Mifflin Company. All rights reserved.