Also known as a 'fanny pack'.

A fag bag is a zippered pouch that is worn strapped around a person's waist and is used for carrying small personal items. It came to be called a fag bag because the uglier, fatter and nerdier members of the gay community, hoping to be picked up for sex, would strap them on and wear them to gay pride parades and other big events as an 'overnight bag', a method of carrying around a toothbrush, hair products, condoms and poppers for eventual use. The problem was that no self-respecting fag would ever have sex with someone who'd wear an ugly, shapeless sack over his ass, so the item eventually fell out of favour. It is now worn only by aging rocker chicks to Rolling Stones concerts as a hands-free method of carrying weed, rolling papers and sanitary napkins.

Not to be confused with the 'man purse', or 'murse' a usually plain-leather, larger version of a woman's purse intended to be carried by a strap over the shoulder of a man.
In my fag bag I've got duct tape, latex gloves, date rape pills, handcuffs and a stick of gum. What's in yours?
by loveboat March 22, 2007
Get the fag bag mug.
The bike-messenger style bag the goes over one shoulder and holds either a laptop or the collected works of Belle & Sebastian. Has been the preferred luggage of the common urban douchebag, and can be often seen paired with rectangular thick-rimmed nerd glasses. Wearing a fag bag is tantamount to wearing pink triangle i.e. a confession that one is a certified pussy.
Hey, find me a rock! Here comes an asswipe on a fixie with a fag bag!
by eddy slick November 18, 2006
Get the fag bag mug.
A man purse. Generally used to carry around books, granola, workout gear, or anything that needs to be carried. Sometimes they are decorated with pins or patches. A Fag Bag can be a small backpack, a slingbag, or a tote.
"Ew! look at that hideous Fag Bag that Chris is sporting!"

"Fag Bags are SO hot right now."
by Hippie_Chick March 9, 2009
Get the Fag Bag mug.
A object worn by a man that closely resembles a purse, and could be mistakenly associated with being a homosexual.
Guy 1: aye sport check out this cool Versace man bag.
Guy 2: * spits out drink* lol mate wtf are you wearing, a FAG BAG?
by DaddyLongDiq August 24, 2016
Get the Fag Bag mug.
Fast Action Gun bag

Many of the so called fanny packs actually conceal a handgun. The front rips off and exposes the firearm.
As the perp advanced with the knife I ripped open my FAG BAG pulled my piece and wasted the MoFo.
by Cannibul May 9, 2005
Get the fag bag mug.
A golf bag used only by fags. Although any company can manufacture a fag bag, fag bags are usually considered to be specifically Callaway bags. Users of fag bags usually say they are comfortable with their bag and their sexuality, but in reality they are mostly butt hurt and they regret ever buying a fag bag.
Oh man did you see Mill Pickelson this weekend? He totally has a fag bag, just like Tim.
by Fag Bagger April 16, 2010
Get the fag bag mug.
My boyfriend Adam Bishop is a fag bag sometimes.
by Jen February 26, 2005
Get the Fag Bag mug.