loot bag Share definition Flag To t-bag someone as you leave a party (a parting gift of sorts). -See T-bag "Dude, that girl is drunk as fuck, lets give her a big sweaty loot bag then dipset out of here." loot bag by Yannis July 24, 2008 0 0 Get merch Get the loot bag mug. Buy Now — $32.95 See more merch