This is a phrase used in baseball to describe the action of a pitcher intentionally walking a player in order to get the next batter in the lineup. This is done when the current batter is a stronger batter than the next player up, or if the team wants to attempt to get the second batter up to hit into a double play. In order to intentionally walk a batter, the pitcher will throw four pitches far outside where the batter will not swing. An example of its usage is, "Ace Pitcher has decided to pitch around Joe and get to Billy."
This is a common strategy in baseball and is used fairly regularly. There is an inherent risk in pitching around any given batter. The biggest risk is that the next player up gets a home run. In that case, the defense will have essentially given up a free run. However, the benefit is that a pitcher may be more confident pitching to a weaker hitter than the stronger one. If the goal of the team is to get a double play, it is the responsibility of the pitcher to get the hitter to hit a grounder.