It is a word in hindi.
it refers to the senseless and baseless conversation that friends have which are funny sometimes.people doing bakchodi are called bakchods.
X - "we are like two trees in this coffee house...birds come and sit and fly off but we remain the same.not moving"
Y - "that was good bakchodi man!nice stuff"
Hindi slang for gossip. Done especially among friends.
Hey pal, let's go to Barista's and do some bakchodi.
Bakchodi/Muhchodi : Hindi slang word used by mostly north Indians. Refers to baseless gossips, gossips with no foundation. Often used to show dominance in the group of people around. Can be taken in positive as well as negative sense.
Gamer1: abey mujhey DOTA khelne do...dekho mein kitney kills leta hoon.
Gamer2: abhi abhi khele the toh chud gaye the..jyada bakchodi na pelo..
Politician: I will do this..that.....bla bla bla..
Audience1: He seems like a Bakchod politician..he has all development plans etc..
Addience2: Bah..he is a curroupt politician like everybody else..he is just doing bakchodi...lets get the free biryani and get out of here..!