The phrase "vice versa" is used to indicate that the relationship or situation can be reversed. It essentially means "the other way around" or "in reverse". For example, if you say "A likes B, and vice versa," it means that not only does A like B, but B also likes A.
The phrase "vice versa" comes from Latin, where it literally means "with the turned position." The Latin phrase is composed of "vice," meaning "in place of" or "instead of," and "versa," the feminine past participle of "vertere," meaning "to turn."