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1.
The act of chilling like a hobbit.The phrase is often used when under the influence of an alcoholic substance or a drug. This word has grown to common use in the school districts of Northern Massachusetts and Southern New Hampshire, by teenagers, who like repeating the same phrases.
Kevin: Yo Whats up bro? Wanna chillbro baggins?
Tug: Kevin, please quit saying that, you sound lame.
Matt: How Lame?
Tug: Medium.
Matt: How Medium?
Tug: Jesus of Nazareth
Kevin: (sarcastically mimicking) Jesus of Nazzzzaaaarreetthh!
by hart31 May 28, 2010
 
2.
1. A term used to describe a person who is so chill it is almost too much to handle at one time. Usually used to describe a good friend that you drink or smoke with.

2. Can be used (although very rarely) as a verb. In which case the phrase takes on an entirely different meaning. Similar to that of "Finna Dip Out", but also implying that one is leaving in a very chill manner.
1.
A: Yo that guy at the party was so chill!
B: I know man! Straight up Chillbro Baggins status!

2.
A: Hey man wanna Chillbro Baggins it outta here?
B: For sure bro, lemme hit this bong one more time though...
by Jman2477 September 05, 2011