A portmanteau of "conspiracy" and "paranoia", wherein one's paranoia is expressed through delusions of conspiracies.
Herp: "9/11 was an insides job! The Mayans predict the world will end in 2012! The Holocaust never happened! The Moon landing was a Hollywood hoax! ILLUMINATI!"
Derp: "Woah, man. Chill out with the conspiranoia, you're overheating."