To have made a terrible mistake, be caught off guard, or seen in the act of a crime or infidelity. It's like slipping on a peel of a banana, sudden, unexpected and often see by others other than yourself and usually it's too late to correct that mistake.
1. I thought I had that answer right but the teach caught me banana peeling.
2. I never thought I would get caught until I was banana peeling with my ex and my girl saw me.
3. I was hustlin' and was banana peeling in front of the cops and got arrested.