From Latin decent but others may use the phrase. It mean a female who is a boss. Shes' s bossy, attractive, independent, and has a quality about her that attracts most. She's the one everyone wants to be around and when she walks in a room all eyes are on her. She is probably on the arm of a very attractive boss man, also refered to as Papi Chulo.
Who is on the arm of that finedude? That be Mami Chulo.
The companion of the papi chulo. Most likely of Puerto Rican descent. Has the ability to spend papi chulo's money on clothes and gifts for him or herself. Wears the latest Rocawear or Ecko fashions and always looks clean. Tends to have: a big buttox, tight fitting pants, and a shirt representing her flag.
Yo, Pablo! I met this gurl man, she is my new mami chula. Imma meet her at the park today boi!