The person who came up with this sentence clearly was thinking of a café/restaurant situation, where someone is handing an item over and saying "here you are" (or "here you go").
Without context, other possibilities come up:
Istu alas, ole hyvä. = Sit down, please.
Kiitos avusta(si)! - Ole hyvä. = - Thank you for (your) help! - You're welcome.
"Ole" is "olla" in imperative, so it means "be". "Hyvä" means "good", as I'm sure you already know. So "ole hyvä" literally means "be good".
"Kahvi, kiitos." (A coffee, please.)
"Ole hyvä." (Here you are.)
"Kiitos avusta!" (Thank you for (your) help!)
"Ole hyvä!" (You're welcome.)
I received this as multiple choice "_ hyvä!" where the options were "Ole" and "Onko". The problem is, "Onko hyvä!" is also correct! It's an exclamation used when showing very high astonishment, in the way of "Now is this one reeeeal good item or what?" "Onko" should therefore be blocked from the set of possible multiple choice answers.
That's not really used in English. I can kind of imagine in it some kind of period drama ("Be so good as to sit.") but I don't know if that means it was ever actually commonly used in English.
That's exactly what they say in Swedish though: Varsågod (var så god = be so good)