The police, or similar law enforcement agents. Used by wannabe gangsters or roadmen on the streets of London. It probably comes from Federales, as in the Spanish-language name for Federal Police or similar in Mexico and other places. Pronounced RAH-Lee(z).
Roadman Cunt #1: "Yo fam, dem fedz are after me innit."
Roadman Cunt #2: "Bruv dem rales are jokeman."