Originaly from the word PELADO. the accent of Spanish speaking areas around the caribbean often leaves out "d" sounds when in the last sillable.
This word literally means bare.
In the Colombian Caribbean and in Panama it is used as slang for boy, young man, etc. and also as an endiering word.
"Ese pelao si molesta!"
That boy is really anoying!
"Oye, como se llama ese pelao? Esta lindo."
Hey, whats that guys name? He's cute.