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Something that's fake. Something that doesn't exist in any way, shape or form. It's made up.
Mark Hanna: You know what a Fugazzi is?
Jordan Belfort: Fugazzi.. yeah, it's a fake..
Mark Hanna: Faguzzi, fugazzi, it's a whazzie, it's a whoozie.. it's a.. fairy dust. It doesn't exist. It's never landed. It's no matter, it's not on the elemental chart. It... it's not fucking real!
Jordan Belfort: Riiight lolz

(from The Wolf of Wallstreet)
Fugazzi by ezekwail April 11, 2014
Related Words
fugatz fugazi Fugazy fugazee fugazzi fugaze fugat Fugate Fugatti fugayzi
1. Adj. Fake,unauthentic,sub standard person or thing.
E.g. 1. yo those gold chains ain't real son, they're fugazi
2. N. Something or/and somebody that is fake,inferior or sub standard.
E.g. 2. i only believe in what is real no time for the fugazis.
Adj. 1. those shoes i bought yesterday are bunch of fugazis.
Adj. 2. that dude is not real,he's fugazi.
N. 1. i only roll with real people, i don't roll with fugazis.
fugazi by BLAKA September 11, 2018
Every other girl you meet is fugazzi.
Fugazzi by Jimmylee13 October 17, 2018
When your word's seem honest and sincere but your actions totally contradict what you said. Not keeping it real with anyone,not even yourself. Disloyalty. Pronounced (Foo-Gay-Z)
"He talk a good one but truth be told that dude Fugayzi."

Fugaze/Fugazi 

Slang
3. Fugazi was an American GI slang during the Vietnam war. "Fugazi" is an acronym which stands for "Fucked Up, Got Ambushed, Zipped In." It refers to out-of-control situation such as in a chaotic jungle warfare combat environment. See also: List of US Army acronyms

Also fake or phony; a wannabe; unoriginal
Not sure where all of these other, 'Hipster', fugaze/fugazi definitions originate on Urban Dictionary, but they don't illustrate the appropriate tone and meaning of the word. See what I did there? #trash #fake #fronters #lames
Don't buy that, its a fugazee.
fugazee by bobby digi February 27, 2008