A person who is a loser, and has a face. Generally this person just fails at life and will never be sucessful because he/she is a loser with an ugly face.
Person One: Sorry I'm late.
Person Two: Looooozah fayyycce.
Person One: No you idiot, it's loser face.
Person Twp: LIES it's looozah fayce you loozah fayce.
Originating from "Furious H," this was the original term which sparked the frevolution spreading through Baltimore and to colleges nationwide. It has come to be both a nickname and another word for "face".