Hi! So I’ve heard this phrase in a video
“If you smell what the Rock is cooking?” from Dwayne Johnson aka The Rock.
Is this a slang? what does it mean?

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Hi Victor
So funny…
What’s cooking……it means what is being planned, what is going on….what is he up to.
So coupled up with “ if you can smell” is most likely just poetic

…..if you can see what he is doing …..

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It's not just slang.  It's his own personal slang.  Apparently "Smell what I'm cooking" was his catchphrase.

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Unless he means it, literally……he is cooking