A Rainbow bagel is a homosexual/queer version of the breakfast item: Bagels
Yo, homesquare would you care for a rainbow bagel since you are openly queer.
Who was the hot, fit guy Meghan was chatting with last night? That is Doug, not her type, he loves rainbow bagels
Gay guy 1: Oh man I can’t wait to ravage your rainbow bagel!!!!
Gay guy 2: Oh hurry home babe!!!