A variation of the phrase Chubby Chaser, aka a person who is sexually attracted to overweight people. A Wrinkle Wrangler however is a person who is sexually attracted to the elderly.
Guy1: Look at that ass!!!! Guy2: Dude, she's like 70!!! Guy1:..Rawr. *Guy2 leaving*: Fucking creepy ass WrinkleWrangler...
just like if someone was a chubby chaser(someone who likes fat chicks) a wrinkle chaser is someone who is attracted to someone much older than themselves.
Tom: hey dude did you see that chick.
Jon: dude shes way to old for you man.
Tom: so what if shes old.
Jon: dude your such a wrinkle chaser