1. something you say out loud when food is significantly tastier than it normally is.
2. when food is made to look like something it is not, it is a lol taco, or when funny food(s) is mentioned on online chat.
"dude, your moms mac and cheese is totally lol taco!"
bill: "i had this hot dog yesterday, and it was actually horse manure!"
steve: " LOL TACO "
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