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1.
An Americanized version of the Spanish "no problema" which means "no problem". Pretty much accepted as slang in American society. Appeared in the popular film Terminator 2 and in the television series The Simpsons.
Girlfriend: Hey honey, can you pick up some wheat germ from the store for me?
Boyfriend: Sure, no problemo.
Girlfriend: That's "no problema"!
Boyfriend: Yeah, yeah, whatever.
by Spidey and Cheep August 14, 2007
 
2.
An American slang term that bears no relation to real Spanish, but is used widely in films and TV shows.

The correct Spanish terms are:

No hay problema; No hay de que; Ningun problema; No te preocupes, etc., etc., but NEVER "no problemo," which makes the speaker (or film and TV script writer) sound provincial and ignorant.
"Dude, can I borrow your car?"

"No problemo! (usually uttered with an annoying surfer-dude or frat-boy tone).
by Madre2 August 24, 2010
 
3.
Racist and stupid thing to say when talking to a Latino.
Latino:"Hey let me help you with that"
American:"No problemo hahaha I can do it myself"
Latino:"whatever bitch"
American:"*shoots pepper spray on face of Latino*"
by eddiee July 02, 2007