Two flavors: (1) playful "frolic" — kids playing, used neutrally; (2) malicious "toy with / make a fool of" — when someone is the deliberate target. Sense (2) is the more common one in modern Chinese, often paired with
拿 (nǐ bié
拿 我 戏耍 "don't make me your plaything"). Stronger than
开玩笑 (kāiwánxiào, "joke around").