Apart from its literal meaning as "roll", the word "rollo" is very coloquial in Spanish (not in South America) and can mean several things.

If you say: "tengo un rollo" or "estan enrollados" you are saying "I have an affair" or they are having an affair"; if you say "que rollo", you are saying "how boring"; "buen rollo" means good vibes, good feeling ,whereas "mal rollo" means "no good vibes, bad relationship". Also, the word "enrollate" means, "come on, let's do it" (when trying to persuade someone to do something) and "que rollo tiene" is an expression to refer to a very talkative person.