It’s a cardigan,

from Das Racist – Nutmeg Lyrics on Rap Genius

Meaning

A knit sweater that fastens in the front, a typical garment in the men’s fashion industry. Heems is contrasting it against the just-mentioned “pullover,” a term that is often used interchangeably with “cardigan” but in fact refers to a similar garment that isn’t fastened, but instead must be “pulled over” the head.

The “pullover” and “it’s a cardigan” exchange is a reference to a scene in the movie Dumb and Dumber

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