Term given to a lady who shows off a beautiful, perfect face; but the body (or, bod) is a different story.
The word is butterface's cousin. See butterface.
Adam: "WOW! Check that bank teller out..."
(Bank teller stand up to grab a file)
Adam: "Oh darn, she's a butter-bod."
Jason: "Yo dude what's wrong with that? I like butter."
Adam: "No, no...everythings nice but-her-bod, so she's a butterbod."
Jason: "...Duuude look at that find lady by the mustang, those gotta be Double D's!
(woman walks closer.)
Adam: "Aww no man. She's a butter-face."