Literally, an armadillo in leprechaun's clothing. Metaphorically, a sleazy, distrustful character (armadillo) who pretends to be someone who can make all of your dreams come true (a leprechaun) but instead is merely out to cause you nothing but misery and shame.
Taylor: but this leprechaun says he can make all of my dreams come true.
Cazadores: Friend, that ith not a leprechaun - that ith a lepradillo.
Taylor (cuts off lepradillo's head): Holla snap.
Cazadores: Friend, that ith not a leprechaun - that ith a lepradillo.
Taylor (cuts off lepradillo's head): Holla snap.
by Chartreuse YMDtT June 4, 2007