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1.
When someone has something inside "multiple bag levels", like a bag inside a wallet inside a purse inside a backpack. It's usually very frustrating for everyone.
Mick: Drop me some dough?

Mike: A'ight.

(Opens backpack, finds bag, opens bag, finds wallet, opens wallet, finds money)

Mick: Yo, it's like bagception up in here!
by FoodEater62 October 02, 2011
 
2.
To own a bag, that's inside a bag, inside another bag. Often used when girls carry a wallet inside a purse of a backpack.
by Barkingspider45 October 01, 2011