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It means like "Go fuck your mother."
"Concha" literally means "shell," but is slang for "cunt" in South America, so you were close. With that in mind, it's probably the most vulgar insult you can say to someone.
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I love foriegn slang. In Russia they call a beaten-up old car a 'wheelbarrow' and in France for 'having a shit' people will sometimes say 'parking my breakfast'.