Peanut coke is a form of cocaine that has been flavored to taste like peanuts. Peanut coke is one of several flavor varities of lavada cocaine, cocaine that is more expensive and purer than regular street cocaine and is also offered in flavors like strawberry, pineapple, etc.
elmer: bro pass the lavada perico
chelmito: this that fire peanut coke holmes I ain't sharing!