Misspelling of the word 'pederast' made popular by The Big Lebowski. Webster's defines it as "one who practices anal intercourse especially with a boy."
Walter: When he moved down to Venice he had to go door-to-door to tell everyone he's a pederast (not petterass).
Donny: What's a pederast, Walter?
Walter: Shut the fuck up, Donny.