I spot ya
I lift the weight of the watch off your arm
Remain nice and calm
Put down your things

from Jay Z – Breathe Easy (Lyrical Exercise) Lyrics on Rap Genius

Meaning

Super sneaky robbery method: offer to spot someone at the gym while they bench press and while they are in a vulnerable position, steal their stuff

Jay means this metaphorically of course, in that when he attempts to rob you you shouldn’t try to fight back since it’s hopeless

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