Used together, calling something or someone "Bait Ass Snake Ass" means that you will definitely be caught by someone in authority or something is about to go very wrong.
"Tony your eyes are so red were gonna get busted, f*cking bait ass snake ass"
A person who's thinking about fucking underage girls/boys and is being warned if they do, they will go to jail and be passed around like someone's bitch.
"He's going to jail for fucking that 14yr girl, and he is assbait when he goes in".