"Live Bait" is a wing-man position. It is something you would call a guy who is good looking, but will never make the move on a girl. So you would use him to reel in the cute girls, and then his friend would pull out "catch" and go home with the girl.
Man Jared makes good Live Bait at the bars.
Jeremy would you mind playing as the Live Bait tonight?
When a bar, club, party or event is prime and full of horny men and women.
There’s always live bait at this club downtown so let’s go there tonight.
This bar is like a swingers club. The women there are live bait.