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A crusty cheese like substance which forms underneath the foreskin and has an offensive smell.
Clip thad hoodie son you'll start growing paneer !
by fashullet April 30, 2005
Origially refers to an Indian variety of cheese, this is also used as slang for white people or goras due to the chalky white colour and texture.

Not neccessarily pejorative, although may be offensive in some contexts.

I am calling three of my friends for dinner, one of them is a paneer.
by Manisha April 21, 2006