This term was coined as a catchphrase by the drag queen Jasmine Masters in 2015 and has had a large impact on her fans ever since. Initially, it means the same as "no tea no shade", but it just extends the same term and makes it even better.
"No tea no shade no pink lemonade, but that lace frontwig looks like an over-processed toaster strudel."
When a man inserts his hard penis in a woman's vagina for sex and urinates in her vaginal cavity then immediately switch to 69 position so the male can drink his own urine straight from her pussy while enjoying some oral sex.
She wanted me to piss in her pussy but that lemonade boomerang was a dirtytrick.