Hijoputa is actually a short version of hijo de puta.
And to get straight to the point, it translates to son of a bitch. And the really good news is you can use it for women too with just a small change - hija de puta. While hija de puta doesn't exactly translate to son of a bitch, I think you get the idea.
Hijo de puta is universal, you can insult people from all over the Spanish speaking world with this. But if you happen to be in Mexico, you have another option.
Hijo (hija) de la chingada
It conveys the same meaning, son of a bitch. It's just Mexico's version. Here's an example:
Sabes, siempre has sido un hijo de la chingada
You know, you've always been a son of a bitch
Let's take a look at our phrase, which should be pretty clear by now.
Este tío es un hijoputa.
This guy is a son of a bitch
I got this phrase from a very funny short story. You'll get to see some good examples of hijoputa in context, and be entertained as well. Trust me, this story is worth reading. Here's the link: