Hair upon the chin that resembles pubes. Typically this occurs when the wearer is incapable of growing said hair any longer or thicker, such as one would with a traditional beard.
Chubes are typically present on males having difficulty growing hair in that region, but refuse to shave it off in false hopes that it still looks good. On rare occasions they can also be found on the female species.
Gary: "He told me not to shave off my beard, and instead use playoff beard as an excuse."
B: "That's no beard, let alone a playoff beard! Those are chubes!"