When two girls, usually close friends, pretend to be lesbians. They make comments about their sex lives together, and make awkward sexual advances toward each other. However, they are not actually lesbians or sleeping together. Nothing sexual every actually happens between the two of them.
Combines the terms 'lols' and 'lesbians'
Person 1: "Are those two lesbians?"
Person 2: "No, they're just lolsbians."