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Referring to a car, it is a car whose cosmetics look like it's stock and slow and one assumes there is a small engine under the hood. Only when it is challenged by a ricer or another car, it shows its mighty by leaving the other car in a cloud of smoke because it has either a huge engine from the factory or has a swapped engine from a bigger car or has tons of engine modifications.

A sleeper is is the perfect example of this acronym "All bite, no bark."
It is a sleeper dude, that is what it meant to do, shock you by its speed and power you never thought it had.
A person who enjoys sleeping and sleeps all the time.

I am a sleeper
I’m a sleeper
Sleeper by Tegand1312 April 9, 2019
That party was so sleeper
A radical, who hides his or her beliefs in order to prevent suspicion from any authority figure; an extreme liberal who pretends to be a conservative, usually for gaining money to fund a revolution.
James Cole believed a schizophrenic person was going to release the virus; it turned out a sleeper did the job.
sleeper by Vash Westland August 24, 2003
When you know and feel you will have to take a huge and possiblly painful shit later in the day.
"Dude, this sucks man, I've got a sleeper."
sleeper by Cascone September 25, 2008
hey look! that sleeper's sleeping.
sleeper by yellow fever October 13, 2003