Stands for Long Island D**chebag, a subset of people born and raised on long Island NY.
Male 1 wearing upside down sunglasses on the back of his head: Hey Bro! We out to the Boardy Barn this weekend?
Male 2 wearing a Vineyard Vine t-shirt: yeah dude, we can take my wrangler with the top off and throw the flag up!
These people would be classified as LIDs