The common meanings include a difficult person, an unsympathetic person, a violent person.
New Oxford American Dictionary:
hard
• not showing sympathy or affection; strict: my father is no longer the hard man he once was.
As an elaboration on Athena's comment, the correct sexual slang in North America for a man having an erection is "He has a hard on." There is also a common women's saying that "a good man is hard to find," and the related sexual play on words "a hard man is good to find."