The sentence:
"I wonder what he's making for dinner."
likely means the speaker is guessing or curious about what the person is currently preparing for dinner.
Contexts:
* If the person is in the kitchen right now, the sentence implies they are actively cooking, and the speaker is speculating.
* It could also mean the speaker is pondering what the person plans to cook, depending on the situation.
The meaning depends on context, but it most commonly refers to present action.