This phrase can be literally translated to translated to "The chief who is lost in the path of not taking care of the people with the sacred kapu of the god, that is the chief who will perish in the land."
In this context, it seems to be referring to a chief who has neglected their duties to care for their people and has instead focused on their own power and prestige, ignoring the sacred kapu (taboo or sacred law) of the gods. As a result, this chief will ultimately meet their downfall and perish in their own land.
It's a warning to chiefs and leaders to prioritize the well-being of their people and to respect the sacred laws and traditions of their ancestors, lest they suffer the consequences of their neglect and arrogance.
Pukui, Mary Kawena, and Dietrich Varez. 'Olelo No'eau: Hawaiian Proverbs and Sayings'. Bishop Museum Press, 2018.