This is a still from Trail of Blood, the first movie in the Mikogami Trilogy. Jokichi is a feared samurai, who is off-camera. These are two bad guys, and the one in the rear has just said, “Don’t you know who this is? It’s Jokichi of Mikogami!” to which the bad guy in front says, “Jokichi-schmokichi.”
Someone in the subtitle department had a small laugh.