This basically is a synonym for “a long shot”, or an overly ambitious plan.
The story behind it is that during WWII in 1944, the Allies came up with a plan (Operation
Market Garden) to use paratroopers to secure three bridges over three key rivers behind enemy lines in The Netherlands. British forces would then rush forward across all three bridges to relieve the paratroopers, and later push into Germany itself.
It was an extremely ambitious plan. A British commander is alleged to have said “I think we may be going
a bridge too far”, and he was right. The American airborne divisions were able to capture the first two bridges, and were relieved. But the British and Polish paratroopers at the third and final bridge at
Arnhem were basically wiped out before tanks of the Irish Guards could punch through to reach them. Market Garden was an operational failure.