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1.
On a highway, car that passes you going way over the posted speed limit. If there is a speed trap ahead, he will get caught instead of you. See also cop cleaner. The bear part comes from "Smokey The Bear" - shortened to "Bear" - old CB'er term for a highway patrol officer because of their rather distictive headgear which resembles a national park ranger's hat.
Trucker 1: "Breaker, breaker - Jimmy, I gotta make up some time - any Bears around? Over."
Trucker 2: "Not seen any, Peter - but that young buck blew by us in the Eclipse musta been doing about 90. Bear bait fer sure. Over."
by JRob September 19, 2005
 
2.
n. a vehicle (or vehicles) exceeding the speed limit in the hammer lane, typically after a trucker has moved out of that vehicle's way. The expectation is that smokey bears will go after the vehicle moving fastest, thus keeping them occupied with a customer when you go by. Sometimes truckers try to create this situation on purpose by blocking all the lanes of traffic for a period of time to make people behind them mad enough to speed. see cop cleaner
The truckers were going four-wide on the highway for 10 miles, until the one in the hammer lane swapped lanes, and then the bear bait was released.
by fizzle September 19, 2005
 
3.
Accidentally attracting gay men as a result of looking like a bear, but not actually being a bear.
Gay Man: Hi! Are you a bear?

Bear Bait: Sorry, but no. I am very flattered though.
by SattMyn November 05, 2011