expression, ichidan verb
cheat on a partner; two-time
Specifically refers to being romantically involved with two people at the same time without their knowledge.
彼は彼女に二股をかけていたことがバレて、振られた。
He was found out for two-timing his girlfriend and got dumped.
expression, ichidan verb
play both sides; sit on the fence
Figurative extension: to try to keep good relations with two opposing parties, or to avoid committing to one side. Less common than the romantic sense.
彼は二つの派閥に二股をかけて、どちらからも信用を失った。
He played both factions and lost the trust of both.