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2.
Killing someone by means of shooting in the head, causing their cranium to take on a look as if it were "peeled" back.
One wrong move and your cap's peeled" -- Ice T

You're too drunk and high to peel a cap. I'll do it. Bitch, what are your final words before your cap gets peeled
by WeedMoneyHunger March 06, 2010
 
1.
To shoot someone in the head.In the process there skin is peeled from the bullet entry.
I love blowin mothafukaz heads off.Today i gotta peel a cap!!
by Downer1 P.A.K. July 31, 2006
 
3.
to shoot a gun, that is to 'peel' a cap from the chamber or clip.
I'ma peel a cap off at this bitch
or
I'm gonna peel a nigga cap.
by alexb December 02, 2005
 
4.
To shoot someone in the head with a firearm: cuz if you shoot someone in the head while they're wearing a hat, you 'peel' their 'cap' off.
To 'peel a cap' in "Hood Took Me Under" by Compton's Most Wanted:

"This fool I thought was my homie, dropped a dime,
So I gotta peel his cap with the 9."
by Lil Dre March 19, 2006