Apparently it would be literally translated as "Fewer wolves, Little Red Riding Hood." But that doesn't make sense, because Little Red Riding Hood doesn't exaggerate in the versions of the tale that I'm more familiar with. Is this for someone who tells an out and out lie? or is it said to someone who exaggerates? In other words, if that person says "I caught 5 fish" did they really only catch 2? Or did they not go fishing at all?

Thank you very much again, Michael. Yes, we have a direct equivalent for the first one. And I think that the most accurate could be "Pull the other one".

"And pigs might fly", though I think you have a direct Spanish one for this ... ? Or, from this, "Oh, look another flying pig!" ...? You might say "Of course, everything's bigger in Texas", though a Texan might (probably wouldn't) feel aggrieved. "Pull the other one" - a reference to "you're pulling my leg", has this don't lie/exaggerate + mockery element, perhaps ... "And I'm the Queen of Sheba" ... I quite like, from a pop song I think, "Sure, Pinocchio" ....

Yes, I think that "to bluff" is more or less a synonym, but I'm looking for an English expression (if there is one).

you mean "don't bluffing? "