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1.
Term of derrogation used by Hispanics to refer to another Hispanic who emulates or kisses up to Anglo-Americans for purposes of social climbing. It means "brown on the outside, white on the inside."
We thought Bustamante would be the first Hispanic Governor of California since it was part of Mexico, but after he lost the lection everyone said he was just another cocoanut.
by Joel Parker November 22, 2003
 
2.
A person of Indian descent who acts white.
Look at that cocoanut hanging out with those white girls at the Gap.
by M O Thomas September 01, 2008