"I'm chill" usually means "I'm cool", "I'm calm", "I'm ok with that"
It's informal and there's several ways of using it with slightly different nuances depending on context.
Examples:
If someone thinks I'm a little upset about something, I could reply "I'm chill". I'm replying, "I'm ok and I'm calm and not really bothered".
Another use of the expression is if someone wants to know if I'm ok with something. eg. Person A: "You're ok with going to Peter's party ?" Me: "I'm chill" ie I'm ok with that. This is very informal and a language style a lot (most?) would never say. The style is a little restricted to a certain genre/class/group of people. That group may use it a lot, whereas others would never say it.