Inspired by a September 21, 2010 episode of The Colbert Report, a Beekeeper's Jacket is essentially slang for the fellatious act of oral sex, known commonly as a "blowjob", "BJ", "Head" etc,.
I heard that slut gave him a Beekeeper's Jacket at Rick's party last night.
Dude: That bish look fine!
Bro: Careful, brah. That vagina hive got da bees, son!
Dude: Word? I ain't down with a beekeeper.
Ho: Come gimme yer honey rod, boyz!
Dude/bro: Bitch, please. Your crawlin-ass 'comb could sting a cock ta deth!