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A person who loses so hard, they metaphorically morph from a person-shaped bag of meat and blood and stuff, and instead become a big baggy blob full of nothing but lose.
"He flaked out on me again. What a fucking losebag."
Losebag by Kylasaurus January 10, 2012
Related Words
A combination of the name "Lou", "Louis" or "Luis" and any or all of the following:

Scumbag, Douchebag, Shitbag, Dirtbag, Ballbag etc

frequently seen in the company of mudsharks

Whatever you do, don't loan Loubag money. You won't get it back.
Loubag by Bagofdouche March 24, 2008
1. Loubaba (n): A person or thing that excels in excellence, prestige, and good looks.

2. Loubaba (v): Any action involving extreme hilarity
Boy 1: "Did you see that girl?!"
Boy 2: "Yaaa, definitely a loubaba"

"Lookn' good Loubaba!"
Loubaba by Loubaba May 27, 2009
Not just a loser but whole container of loserness.
Girl1: Matt is an uberloser
Girl2: He's a losebag
Losebag by Borg December 8, 2004
Those friends who you can constantly joke around with but also have deep conversations with
I love hanging out with you, you’re a real Loubana
Loubana by Mammamu November 23, 2021

Loubation 

When an act of Anti lou is committed that person is subject to immediate Loubation and must pay their penance by doing a good deed for their community either with a function ,Dye move, or by doing something Louy
Bruh control you’re girl, until you do the council has put you on Loubation.
Loubation by Louwop69 October 25, 2019