Thieves slang. To stop, give up, leave off. Cheese it! = have done! run away!
1812. J. H. Vaux, Flash Dict., Cheese it. The same as Stow it.
1866. Even. Standard, 27 July. As soon as he went up the prisoner Blagin said, Cheese it (run away), heres the bobby coming.
1873. Slang Dict., Cheese or Cheese it (evidently a corruption of cease) leave off, or have done: Cheese your barrikin, hold your noise. Term very common.
1883. J. Hawthorne, Fort. Fool, I. xxxiii. 326. Cheese it, mates! ere comes the bobbies!