When something happens and it makes such little sense that a little kid running up to you and pulling your pants down seems more logical.
Jeff - "Hey Tom, did you hear that billy is going out with your ex?"
Tom - "You gotta be pulling my pants down kid!"
by Ican'tbeleiveitsnotOXYCLEAN November 7, 2009
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Other than it's literal meaning, it is metaphorically used to denote somebody being taken for a fool. Mostly used by Brits. Brought to the wider audience by Guy Ritchie's movie, Snatch.
Turkish: (looks at the caravan) Look at it. How am I suppose to run this thing from that? We'll need a proper office. I want a new one, Tommy. You're going to buy it for me.
Tommy: Why me?
Turkish: Well, you know about caravans.
Tommy: How's that?
Turkish: You spent a summer in one, which means you know more than me. And I don't want to have my pants pulled down over the price.
by RobKnob February 3, 2012
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To be caught in an embarrassing or compromising situation
"The cook was macking on the female server, and he was caught with his pants down."

"The prosecutor practiced extra hard on her closing statement, because she didn't want to get caught with her pants down."

"The team put in extra time at practice, because they didn't want to get caught with their pants down during the game."
by Morgan Williams July 7, 2022
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