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1.
A descriptive noun used in jest to address a companion or associate, or as a derogatory term used to insult someone guilty of 'Smart Arse' and 'Mug-Like' behaviour.
"Look at that geezer he's a Schmug mate"

"Safe schmug!!"

"SCHMUUUUUUUUUUUUG!!!"
by Kyle and Paul October 08, 2007