When stucco goes on a wood structure, there's usually metal lath (expanded metal mesh) against the plywood surface for extra reinforcement. How many holes have you tried drilling? If its just one or two, you might have just unlucky enough to hit the right spot where the metal is.
edited to add--- from what secondcor521 said--- Did you start with a masonry bit and then switch out bits when you hit the metal? And in between blow the hole out pretty well to avoid dulling the drill bit with cement/sand?
edited to add again--- Is this under the gable end of the roof? If it was built with trusses, there will be a metal plate, about 8"x8" at the peak. I had this happen when I put an outdoor light at that location. If you're trying to dill overhead, you might think you're pushing hard, but not really getting much force against the drill bit. I ended up just punching through the metal plate with a punch (or sharpened nail) and hammer.