I owe you one

Also found in: Acronyms.

owe (one) one

To be indebted to one for something they did. Thanks for not ratting me out to the boss about being late this morning—I owe you one! OK, you can borrow my car, but you owe me one!
See also: one, owe

I owe you one.

Inf. Thank you, now I owe you a favor.; I owe you something similar in return. Bob: I put the extra copy of the book on your desk. Sue: Thanks, I owe you one. Bill: Let me pay for your drink. Bob: Thanks a lot, I owe you one.
See also: one, owe