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1.
A combination of bro and Boba Fett.
It is used when a guy is referring to another one of his guy friends (one of his bros). It can be used at almost any time. It does not have to be used when talking about things having to do with Star Wars, although it will be better understood if your bros are familiar with Star Wars.
guy1: Hey bro, wanna hang out later at my place with all the bros?

guy2: Sure, Broba Fett!
by george133 August 01, 2010
 
2.
another term of enderment for "bros"
usually connected with other such starwars bro names:

Chewbraca
Brohan Solo
Han Brolo
C3P-Bro
"Yo Broba Fett toss me a brew!"
by Kyle Ballard May 29, 2008