To palm is a direct synonym for steal, boost, lift, jack, swipe, rob, yoink, or otherwise take unlawfully.
It usually implies stealing something small in a discreet manner.
A: "Yo where'd you get that watch at?"
B: "Oh, I palmed it from the Macy's in the mall"
A: "Yo, where'd you get that iPod at?"
B: "Oh, I palmed it off some kid in my gym class"
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