A very good looking and/or very well hung straight guy, used by his friends, to lure a gay guy into a con, set-up or petty crime, often in gay bars in Latin America, but also in Internet chat rooms.
"Hey dude, aren't you going home with that Latin stud that bought you a drink."
"No, that trash is gaybait. The minute we get to his car, his buddies will show up and rip-off my cash."
Someone, usually a male, who is straight, but acts or looks so convincingly gay that gay men tend to be attracted to this person.
My girlfriend told me to highlight my hair, but my friends told me that if I did, I'd be gaybait.