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1.
Grand theft taco refers to the loss of a young girl's virginity by the hands of a thief. If said girl has her cradle robbed, she is said to have been the victim of grand theft taco. The taco is of course referring to female reproductive organ...her cunt. See also vertical smile and axe wound.
Pablo Don Carlos was convicted of grand theft taco when he undoubtedly stole Sally's virginity in a hilariously humiliating way.
by Muffdiver December 21, 2006
 
2.
Ones act of stealing a taco from the pile of Taco Bell on the Table at a College party . and this is done with out anyone knowing.

But to be done correctly this taker of the taco must post on Facebook after the deed was done. " GRAND THEFT Taco"
" DUDE I JUST GRAND THEFT TACO THAT TABLE AT THIS DOPE PARTY"

"POSTED ON FB " -GRAND THEFT TACO-
by MR. RAGE MF February 12, 2011