Swagola is a portmanteau of swag and the insult fagola.
It is intended to be directed towards anyone with over sized skateboarding shoes, over sized jeans, a snapback or says yolo.
The use is perhaps identical to such of swagfag and swaggot.
Swagola: Sup homie G! check out all my swag!
Normal person: That must be great for your Résumé