This here is an evolution of 'That'll be a kettle of worms' which was a gem mixture of 'a fine kettle of fish' and 'a can of worms', all three meaning to describe a difficult situation or problem.
My guess is that the speaker was unsure what was in the can and wanted to make sure to cover all basis
Bro 1: Dude did you read the email, they just shoved out our CEO
Bro 2: Dude you don't want to open that can of kettle worms