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1.
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
 
2.
dick, penis (In Puerto Rico, usually seen in reggaeton lyrics)
"Maseta papi, maseta"
by boricua en la luna November 20, 2008
 
3.
A large, heavy shit. Must be hard, ungiving, and must make a large splash when it hits the water. A direct translation is "flower-pot", so you see the connotation.
"Come look at the maseta I dropped!"
by pedro romero June 08, 2005