When a man ejaculates inside a woman's vagina without a condom and directly after proceeds to perform cunnilingus on her, consuming his fresh ejaculate. The phrase originates from the term "Indian Giver" and also the folk-knowledge that "Indians (Native Americans) don't waste."
Jack: I'm going to cum, Chloe!
Cums inside Chloe, eats her out Jack: Om Nom Nom Nom nothing goes to waste!
Chloe: I can't believe he just pulled off the Indian Give'r...