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n: a fraudulent business scheme
v: most often used in this context, it refers to the act of being swindled or scammed

person a - "yo dawg, where's the bus, he said it would be here at 7 to take us to the game"
person b - "dude, i got a bad feeling we just got pelosied..."
by reefb December 08, 2008
The painful insertion of a high-priced shoe in one's mouth.
"You have to pass the bill to know what is in it," she pelosied.
by DallasDame July 12, 2012