gaybait
A very good looking and/or very well hung straight guy, used by his friends, to lure a gay guy into a con, set-up or petty crime, often in gay bars in Latin America, but also in Internet chat rooms.
"Hey dude, aren't you going home with that Latin stud that bought you a drink."

"No, that trash is gaybait. The minute we get to his car, his buddies will show up and rip-off my cash." 