It means a woman or person who engages in misdeeds or crimes. Delinquent, bad, perverse.
"Malandra" . Argentina. Lunfardo . From the Italian "malandro" . 1 . A person of reprehensible or criminal habits. 2 . Delinquent, living evil.
The term is used in the Brazil " malandro " also, although also has negative connotations: is associated with a character Bohemian, womanizing, " 34 atorrante; vivillo, etc.