Derived from the Japanese lolicom/lolicon which, itself, is derived from lolita complex - from Nabokov's novel "Lolita".
1) (Noun - plural: loli or lolis) A prepubescent girl; especially in Japanese anime/manga.
2) (Noun - plural: loli or lolis) Hentai porn depicting prepubescent girls. Sometimes extended (erroneously) to adolescent subjects.
3) (Adjective - not comparable) Of or pertaining to lolicon pornography.
Note A: while the term can be used for either real or animated girls, it is rarely used to refer to pornography depicting real children (cp).
Note B: often the term "loli" (like related terms) is misused to refer to infant, adolescent, etc. girls. Strictly speaking, however, the term refers only to prepubescent girls (primarily ages 4-12)
Person A: I love Lucky Star because all the characters are lolis!
Person B: You're such a pedo, lol.
Person A: I got to babysit the hottest loli last night.
Person B: Remind me not to let you near my kids...
Person A: I was lurking /b/ last night and someone posted the hottest loli manga.
Person B: I am a BANANA!
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