Derived from "Chimango Caracara" an overly aggressive and abundant species of bird of prey found in Argentina, Brazil, Chile, Paraguay and Uruguay. "Chimango" refers to somebody who is a trend follower and has an incredibly bad taste for music, food, clothes, art, etc.
Lame guy: "The new nickelback CD rocks! Got an Chad Kroeger autographed copy at Hot Topic!"
Cool guy: "Dude, you are such a fucking chimango!"
Chimango (which literally means peace) is a word for someone who basically does their own thing. They are very chill and love it when people can just be themselves. They will not pass up any opportunity to just hangout and listen to good music.