The literal meaning of bakalar is atlantic cod, but in Serbia repeating it twice is often used to indicate how cool or weird something is.
It could also be used as a substitute for "okay" or telling someone that what they said is nor really relevant
"Bakalar bakalar how sick is this ?"
"-We're going to check that new pub out, you could tag along if you want to.
-Bakalar bakalar."
"-She was into it man. I could tell.
-Bakalar bakalar."