How would you define "killing it" to a non-native, English speaker?
Usually, "it" in "killing it" refers to some kind of game, so they're "killing the game", or doing a really good job beating the game.
1. Performing a task exceptionally well.
2. Facebook
Ex: "You got an A on that midterm? Dang Carl, you're Killing it!"
Heard in the context of many competitive activities.
E.g. at a jazz club, someone might say "He's killing it, man!" if they were really connecting to what the trombonist was doing.