It means two people are the same, they have the same origin and therefore are alike.
en español# cortados por el mismo patrón
| You should be careful with that guy you are dating. He lives next door and I know him quite well. His father is a womanizer, a cheater, and they are both cut from the same cloth |
| You and I are both cut from the same cloth. We like getting down to business and stop beating around the bush |