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budgie smuggler 

UK slang: a very overweight man, in very brief swimming trunks, hanging out at your holiday hotel pool. His trunks appear to have a budgie, or other small bird, concealed down the front of them
OMG, check out the budgie smuggler! What's wrong with swimming shorts?! Do you think that if he had a mirror on a stick, the budgie would peck at it? etc...
budgie smuggler by growley August 28, 2010

budgee smugler 

tight, revealing bathers resembling undies
budgee smugler by jane October 15, 2003

budgee smugler 

Speedo like dick togs that reveal the outlne of the male organs due to their tight fit.
For fuck sake, don't wear your budgee smuglers down on Bondi beach with those other gaylords.
budgee smugler by Dan January 27, 2005