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1.
A person you are seeing, dating, or perhaps even sleeping with, but isn't technically considered your girlfriend. Somewhere between a casual date and an actual girlfriend.
Sorry, guys. I'm hanging out with the lady friend tonight.
by Anonymous Lurker December 19, 2005
 
2.
Commonly used term by men fearful of commitment to refer to the woman that they have been dating. This term is usually used to indicate that while he has no intention of being involved in a committed relationship with said woman she is off limits to all other men.
WARNING: If you are referred to as a said "lady friend", do not ever make the mistake of referring to yourself as "girlfriend" or hooking up with another guy in front of the man that considers you his "lady friend" as you will no longer be referred to as "lady friend", but instead as "slut", "hoe", "skank", etc.
No, she's not my girlfriend. She's just my lady friend.
by Lady Friend September 26, 2006
 
3.
Essentially synonymous with girlfriend. Used because its not age specific, sounds slightly classier.
"So, how's your ladyfriend been doing, Frank?"
"Oh, Sarah is fine."
by Peter Smith September 20, 2004
 
4.
1) A person's girlfriend, in the dating sense.

2) A good female friend. This is similar to the use of "girlfriend" by other women and gay men to mean "a good female friend." A straight man can use "ladyfriend" in this manner without the social stigma of calling a mere friend his "girlfriend." This can be compared to the word "guyfriend."

3) A good female friend, with benefits.
1) Bob is taking his new ladyfriend to dinner and a movie on Friday night.

2) Bob is going out with some of his ladyfriends for miniature golf.

3) A: Bob spent the night with his ladyfriend.

B: Oh, Bob has a girlfriend?

A: No, just a ladyfriend. *nudge nudge*
by Kurishae October 24, 2008
 
5.
A lady who is indeed more than just a friend. The relationship has not moved far enough to for her to be a girlfriend, therefore "Lady Friend" fills the void that currently remains between friendship, and relationship status.
Phil: "Hey Dennis, so whats going on with you and Megan?"

Dennis: "Dude we hung out on saturday, she my new Lady friend!"

Phil: "Nice!"
by That guy, you know who... December 01, 2011
 
6.
Simply put--friends with benefits. A female friend you are sleeping with, whom you have no commitment to. Both are cool with this situation.
I'm spending the night at my ladyfriend's crib.
by Stacia922 March 28, 2013
 
7.
What NBA bloggers call their girlfriends
I missed the 2nd half last night. I was out with my lady friend
by zugzugpat February 18, 2013