When you get stopped by the border and asked for papers by the police.
Mexican Show and Tells are no laughing matter. My uncle got deported last week.
Besides da classic "supposedly for giving schoolchildren practice/confidence in public speaking" action (but which actually scares da crap outta many kids and/or causes lower-income students to feel jealous of da more-affluent ones who have nicer/fancier possessions to proudly display), this expression also refers to either of two "displaying da merchandise" actions:
(1) Where Person A lets Person B view one or more of Person A's intimate body-parts --- with da understanding dat said reveal is supposed to be kept confidential, of course --- but then either Person A or Person B goes and blabs about said private-area exposure to one or more other people, causing humiliation and/or repercussions to one or both "Persons", or
(2) Where Person A lets Person B view one or more of Person A's intimate body-parts in exchange for Person B's verbally revealing to Person A one or more secrets dat he would otherwise not divulge.
One good way to get a normally-modest chick to let you see her boobs/butt is to offer to help her with her homework or some other task dat she does not possess da knowledge and/or mental/emotional capabilities to tackle on her own, but insist dat she agree to a "show and tell" contract --- i.e., a deal wherein she agrees to let you view her "goods" in exchange for your putting in da time/effort to tell her da vital bits of info dat she needs in order to complete said drudgerous task.
Where you go every Friday by your bosses fucking daughter.
You: just to let you know I know the real reason.
Boss: What’s the real reason?
You: Every Friday I go to show and tell and get a lap dance by your fucking daughter, that’s why
Boss: you know I don’t need to hear that ducking shit from you man.