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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"
tarp by Sammage inc May 23, 2005
Related Words
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!
TARP by WallStreetStrangler June 30, 2009
"tarp" is the short form of "tarpaulin", which is a waterproofed canvas
tarp by gokukiller May 11, 2006
TARP (n), an acroynym originally known as the "Troubled Assets Relief Program" in which the US Treasury provided tax dollars to ailing financial institutions without any linked requirements or accountability. Tarp may also be used as a verb, to tarp, which implies an action or activity void of accountability.
I don't feel like working so I'm going to the beach and tarp all responsibility.
Tarp by RichM Davis January 11, 2009
also known as a "trap" tarp came from misspelling the word trap.

little does the guy in the dark room know that the dick hes grabbing isnt his!
tarp by p.nasty January 15, 2012
Synonym for Shirt, t-shirt, tank top or anything you wear on the upped half of your body.
-Yo bro! Where'd you get that sweet tarp?

-I bought it at the tarp store.
Tarp by matmo February 10, 2010