Yes,“拉倒 (lā dǎo)” is Chinese slang which means forget about it; never mind; drop it; let it go.
For examples:
Wǒ méi qián mǎi, suǒyǐ zhèjiàn shì hái shì lādǎo ba.
我没钱买，所以这事还是拉倒吧。
I dont have enough money for that, so lets forget about it.
Lādǎo ba! Fǎn zhèng yě bù zhí jǐ gè qián.
拉倒吧！反正也不值几个钱。
Never mind. It doesnt cost too much anyway.