A miser, a cheapo, someone who doesn't like to spend any money, stingy, frugal, tight-wad. Physically expressed by folding one arm up and hitting the palm of the other hand with the bent elbow.
"That guy is super maseta!"
by TitoInPuertoRico December 30, 2006
dick, penis (In Puerto Rico, usually seen in reggaeton lyrics)
"Maseta papi, maseta"
by boricua en la luna November 20, 2008