You might see this term in a video of how is twitter free. My research concludes to most probable definition is the following:
L - Laughing
M - My
A - Arteries
O - Out
You find yourself in a FaceBook group chat.
Hey Susan did you see that me-me is sent you?
Yes Geraldine it was delightful! I'm LMAO.
This term is used when you are spamming random keys on your keyboard to find strange terms on Urban Dictionary.
You find yourself in a Discord chat.
Person 1: Hey I saw a hilarious Urban Dictionary definition on Fainted's channel.
Person 2: Wow! I need to see something like this! I'll spam random letters on my keyboard. "fgjfhgnkjfv"