Bananaclip Share definition Flag Slang term for an AK-xx assualt rifle due to the shape of the magazine, which resembles a banana. Keep it movin' prick or the bananclip will lace your ass up. Bananaclip by Duke May 13, 2005 0 0 Get merch Get the Bananaclip mug. Buy Now — $32.95 See more merch