there is no way that~
Expresses strong logical impossibility: 'there is no way that ~'.
わけがない is used when you are certain that something cannot be true based on logic or common sense. It is stronger than はずがない and often carries an emotional tone of disbelief or frustration. The noun わけ means 'reason', so literally it means 'there is no reason (for it to be so)'.
In conversation, you will often hear it with そんな (such) or どうして (why) to emphasize that something is unthinkable. For example, if your friend says they got a perfect score without studying, you might reply 'そんなわけがない!' (That's impossible!).
Note that わけがない is not used for mere low probability—it's for absolute denial. If you're just saying something is unlikely, use はずがない or 可能性が低い instead.