poker top pair

In poker, what does it mean to "lay that down", "lay it down", etc.?

If you are familiar with the movie "Rounders", that would help. So, I was watching Rounders (Matt Damon and Ed Norton) and in one of the final scenes, Matt was playing Texas Hold 'Em with Teddy KGB (John Malkovich) and Matt said he had the top two pair, so he "laid that down". Then, Teddy got angry at that. So, exactly what does it mean to "lay that down" and why did Teddy get angry? I assume he got angry because the payoff wasn't as great. And, are payoffs affected when someone "lays it down"? Thanks.

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To "lay down' a hand means to fold. You decided your hand isn't worth the money the other players are putting in so you fold.

When you fold a hand, you are out and you can't win. In the movie, Mike McDermott (Matt Damon) folds his hand because he got the idea that was beat (noticed something that he remembered from the beginning that tipped him off). KGB got angry because he wanted Mike to call and realized he gave away his tell.