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1.
"Facts" pulled out of someone's ass. Usually not the author/speaker, but the one who relayed the facts to them.


These facts are in actual fact half-truths and whole lies. Probably pulled down from some .org website or biased news channel.
Religious, political and national definitions on this site constitute many assfacts.
by Kung-Fu Jesus April 15, 2004
 
2.
A stated opinion that isn't true. Rather, just pulled out of the ass. When an ass fact is stated, one has the right to call "ass fact" on the person who delivers the untrue statement.
Mike said, "avocados are high in cholesterol" Bill called "ass fact" on Mike. Plants do not contain cholesterol.
by rob2234 February 20, 2010