The term first appeared with Quake by Id software in online chats and taunts of fellow players.
Any player who has a high ping value and is able to stay at the top of the scoreboard for online gaming. Typically for dial up connections with a high ping and latency. The players tend to taunt and adapt tactics on first person shooters or real time simulations to the point of excellence and aggravation of broadband users who spend many times their counterparts and still get rektd. Abbreviated as "HPB" usually.
Did you hear about the guy who leased a T1 line to play online for $2000 a month? He still gets pwned by High Ping Bastards with rusted barbed wire telephone lined dialup users from Oklahoma.