to have a banquet in celebration of something such as a wedding (see Molina)
Orthographic Variants:
tlaqualloa
Alonso de Molina:
tlaqualloa. ni. (pret. onitlaqualloac.) hazerse banquete por respecto de mi desposorio o casamiento. Alonso de Molina, Vocabulario en lengua castellana y mexicana y mexicana y castellana, 1571, part 2, Nahuatl to Spanish, f. 133r. col. 1. Thanks to Joe Campbell for providing the transcription.