It is a term referring to a man who has a hot body, but has an ugly face. It is a play on words, implying the phrase "chest, not face", meaning his body is attractive, but not his face.
It is the male equivalent for the commonly used term "butter face" used to describe girls with attractive bodies and ugly faces. Both terms use a food word before the word "face", but sound like another word describing the looks of the person.
Michael Phelps has a nice body, but he is a total chestnut face. So is 'The Situation' from the show Jersey Shore.
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