Verb (past tense): intentionally deceived into buying faulty or defective merchandise.
Bro #1: "Man, I picked up a streetwalker last night and "she" whipped out a piece of man-meat bigger than mine."
Bro #2: "Homie, you got lemoned by a tranny."
-or-
"I went to the flea market and bought a used computer, but it doesn't work and he shop disappeared the next weekend. I got lemoned!"