Pizzo is an Italian word with many meanings. Amongst them are the three listed here: (1) Italian lace, both in the literal sense (for example in lingerie) but also in sugar lace icing; (2) As in Pizzo Carbonara, the highest peak of the Madonie mountains in Sicily; (3) in connection with the Mafia where it is slang for protection money (in this sense it is related to the Sicilian word "pizzu")

More Info: en.wikipedia.org