A tuner car that is typically 4 cylinder turbo that is putting out a lot of power and doesn't look like it (can be stock look or rice). There are many cars that can be V8 bait, the most common are Mitsubishi Evolutions and Subaru STIs. Although, even Honda Civics or similar type cars can be made into V8 bait with the right parts and tuning.
These cars due to appearance get V8 owners into thinking they could win a race against the V8 bait, when in reality they would get beaten very badly.
"Haha some guy in a IROC-Z Camaro tried racing Jake's V8 bait STI on the interstate yesterday. The dude honked and tried to floor it past him and Jake left him in the dust."
"That little Civic looks so unassuming until you see the turbo under the hood. That's some serious V8 bait."