Meaning

noun larceny of property having a value less than some amount (the amount varies by locale)

adjective inferior in rank or status

adjective (informal) small and of little importance

originThe adjective is derived from Middle English peti, pety (“little, small; minor”) [and other forms], from Anglo-Norman petit, Middle French petit, and Old French peti, petit, pitet (“young; little, small; inferior; insignificant”) (modern French petit), ultimately of imitative origin. It is no longer thought that the word is derived from Celtic. Doublet of petit and petite. The noun is derived…

Etymology from Wiktionary, CC BY-SA 3.0