(toe-FAY-kun) noun.
Tofu made to taste like bacon, often found in prepackaged caesar salads, or in vegetarians' fridges. It is typically extremely salty, and tends not to taste much like bacon.
I thought that caesar had bacon bits in it, but it was just tofacon.
Essentially means "extremely cool", but is typically used ironically, to emphasize that something is precisely the opposite.
Person: *walks into the room wearing bunny slippers* "Dude, check out my hellaciously rad slippers!"