The combination of peace and ez. A cooler way of saying bye, take it easy, tata or farewell at the end of a typed conversation (msn, facebook chat etc.). Only the coolest of the cool people say this word.
**other variations of peacez include extra z's at the end of the word (peacezzz) or capitalizing the z (peaceZ) :P
Len: I gotta go do p90x, il call you laterr for our jog.
Clint: ZOMG me tooo!! ez
Len : aight, peacez