The closest definition is 'bitchen', except it doesn't have a lame or gaybob association of usage like 'bitchen' does. It can also be used to say 'cool', in the less emphatic usage, but its typical usage is emphatic and, while it is often used emphatically without 'que' (meaning 'how'), it is commonly used with 'que' to say "Que chevere!" -- that is, "How bitchen!"
I don't know about the origin, but it's common in Peru.
A: I won a free trip to Hawaii.
B: Que chevere!
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