A screenshot taken from the 1994 movie "Little Rascals" entitled Sneaky Spanky. Originally an inside joke between SC13 and his friends, he decided to turn it into a proper meme.
It was created when SC13 and his friends were watching "Little Rascals", they paused the movie to go grab some more drinks, and this was what they paused on. SC13 and his friends then spent the next 20 minutes laughing at how amazingly funny the pause looked, and they titled it "Sifty Spanky" but was later changed to "Sneaky Spanky" Because it made more sense. "Sneaky Spanky" was used as a reference on Facebook between SC13 and his friends for around 3 months, then SC13 thought it was time to turn it into a meme.
The point of the meme is to look like a "sneaky", "creepy", "sifty", "bratty" or "naughty" face. SC13 has uploaded examples below of ways you can use them.