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1.
A type of knife that military and police use that are very expensive. They are also known as "Butterfly Knifes" because their logo is a butterfly and they are also famous for their Balisong knife which is also known as a "Butterfly knife"
I can't believe how fast he cut that with his Benchmade.
by Al "The Computer Guy" April 16, 2004
 
2.
To stab someone, specifically with a knife manufactured by the Benchmade knife company
Bitch, don't make me benchmade you!
by Leotheo January 14, 2010