(n., adv.) Giving/receiving a hand job with Cheeto residue on the business hand(s).
The first time I got a Cheeto Jack was after my babysitter and I shared a bag of Cheetos. When my mom discovered the Cheeto dust in my Teenage Mutant Ninja Turtles Underwear she about shit.
Synonym for "Steal"
But a Cheeto Jacking can only happen when the item being stolen is done in a quick and hilarious fashion.
Hunter: That guy just rolled by on his moped and snatched my PSP out of my hand!
Scotty: Dude! You just got cheeto jacked!