A phrase based on a misspelling of "It's a trap" a phrase and meme said by Ackbar in Star Wars Episode VI. It is popularly used sarcastically on message boards and chan sites.
/b/tard 1: It's a trap!

/b/tard 2: No! It's a tarp!
by Wreaker of Havoc May 20, 2009
A misspelling of the word "trapped", often used in online RPG-games. This occurs when the player can't move in any direction, mostly because objects or other players are blocking his way.
A: Haha, look at that guy. He's totally cornered.
B: OMG, tarped.
by Luzodar February 8, 2008
The act of being ejaculated on, while wearing a rain poncho, or equivalent (e.g. garbage bag) by a group of masturbating men.
"I'm planning on checking out the Sunday night hentai show at the porno theatre, so I'm bringing a poncho. Let the tarping begin!"

OR:

"Sounds like it's raining."
"No, that's just those pervs tarping that old lady."
by SkeezyMike August 14, 2013
A female with a penis. She lures you in for sex, but little does the unsuspecting guy know her package is bigger :p

commonly found at www.4chan.org as a purposeful mispelling of "Trap"
(girl undresses)
(Guy)"OMG!! IT'S A TARP!!"
(guy cuts himself)
by DanaF April 24, 2006
When a male goes shirtless. Often in a sporting event. Mainly used in the Minnesota and other northern states.
Person 1: It’s 70° and sunny I’m sweating balls out here.

Person 2: Buddy just rep no tarp, no birds just the fellas are out here anyway.
by Bigshmoneydawg March 30, 2021
A dastardly trap which is discovered by the intended victim, much too late to react in time.

or

Any situation where you are forced to make a spot decision
being the general who discovers a large group of imperial cruisers heading straight for his rebel fleet - "its a tarp!"

or

should i wear underwear today? - "a tarp!12"
by Sammage inc May 21, 2005
Taxpayer Assisted Recreation Plan. A program that allows incompetent executives of banks, insurance companies and investment firms to live in luxury on public funds while railing against the evils of "socialism".
Thanks to TARP, failed executives can have all the perks formerly enjoyed by successful ones. What a deal!
by WallStreetStrangler June 30, 2009