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4.
Usually a term given to Freshmen, or any person under the age of 15. This term is usually given by an older person, around the age of 18, who has kissed or used their "fishbait."

Additionally, if you are the fishbait, you may be invited to parties with that 18-year-older and be able to partake in comsumption of any drugs or alcohol and the like.
Woah, happy birthday. You're 15. Congradulations- you aren't fishbait anymore!
by KyleBroflovski December 16, 2010
 
1.
Crack cocaine. As seen on "King of the Hill"
Hank Hill got arrested buying crack with the intention of using it as fish bait
by A.C. Sativa May 01, 2012
 
2.
1) An african american or dark skinned people that are very scarce in a mostly white dominated area that is either surrounded by water or very near water where fishing is a very popular.
There aren't very many blacks in Cape Cod because when the locals see them they catch them and use them for fishbait.

or
I saw a bunch of fishbait playing basketball and drinking malt liquor down at the park earlier today.

nigger niglet
by Jojo the Indian Circus Boi September 28, 2009
 
3.
Jail bait located at an aquarium.
"Steve don't touch that it's fish bait!"
by yourwelcome1088 December 21, 2009