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1.
a thing, person, or place that is considered neat or fun
Wow, did you see my neato burrito watch
by whit da spit March 05, 2004
 
2.
The delicious phrase that succeeds the already tasty "cool beans."

1) Intended to be a replacement or an expansion upon "cool beans." According to the prophecy, all cool beans will eventually be made into neato burritos. Their fate is inevitable-- it is only a matter of time.

2) Means "cool" or "awesome," but can also be a form of approval or for closing a conversation in a simultaneously witty and dorky manner.
"Whoa, check that out!"
"Dang, that's neato burrito!"

"So I'll pick you up at 7?"
"Sounds good."
"Neato burrito."

"I just got an iPad!"
"Cool beans, man."
"Actually, it's 'neato burrito,' now."
"Shut the hell up, Matt."
" :( "
by Jon B-C January 25, 2014