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pronounced - Pan-o-Cha-e-o. When a person lies about a girl they have had sex with. Combination of the words - Panocha (Spainish for Vagina) and Pinocchio (the little disney dude that when he lies his nose grows)
Nick-Hey remember that girl at the party last night? Eric- Yeah she was smokin hot. Nick - Her and I got it ON after you left.Eric - Thats not what I heard Panochaio

Panochaio is a person who lies about having sex with someone.
by E diggity May 29, 2008
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