Question

The phrase ¿Qué dices? means:

O what did he say?
O what did you say?
O what do you say?
O who said what?

Answer 1

It means what do you say. But you can also say it. Que estas diciendo? Which means what are you doing.

Que=What

Dices=Say

Answer 2

What do you say? Would be the answer