This phrase is said when a person tries to retaliate at another person who did or said something to provoke them.
Person A: It's Mr Steal-Yo-Girl!
Person B: *grabs innocent bystander* HOLD ME BACK! HOLD ME BACK!
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That one dude in every crew who acts like he's about to throw hands, but actually his toughest move is yelling "hold me back!" hoping his friends actually do "hold him back"
Jon said, "We need a Hold Me Back Guy to start a fight for no reason tonight"