A small object that is a choking hazard. Often used in context when talking about babies, toddlers, and children when they get their hands on something that is small enough where they can choke on it.
Michael (husband): Hey honey, look the baby loves chocolate covered almonds.
Sandy (wife): Are you fucking kidding me? Get those almonds away from him. That's a chokeable!
Michael: Ooops. Sorry.
When not living up to the more or less formalized agreements for collaboration within a collaborating group, thereby causing some small amount of pain for all collaborators. The implied penance is buying or baking cake or similar goodies for the entire group.
In software: a cakeable offence could be committing a breaking change, causing tests not to pass, or projects not to compile