Someone who is trying to upstage another, or is very flagrant in the attempt to show themselves off, or someone who exaggerates a lot
1) Hey Fred your neighbor just put up more lights than you, what a chorizo!
2)Look Frankie is wearing that skin tight leather suit he's such a chorizo
3)Hey that's Frankie's new girlfriend. He said she was hot, but she's tore up, he's such a chorizo