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1.
A name given to somebody partaking in the act of lying.

A consequence of becoming a, "liar, liar," is finding your pants spontaneously combusting into flames.
Lando: "Yo, I'm not a Judas."

Pete: "Liar Liar, Pants on fire."

Lando: "Ah, good point my good sir, could you please extinguish my trousers?"

Pete: "No...you bloody traitor."
by Ian "The Main Man" Mckenna April 14, 2005
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