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Something that's fake. Something that doesn't exist in any way, shape or form. It's made up.
Mark Hanna: You know what a Fugazzi is?
Jordan Belfort: Fugazzi.. yeah, it's a fake..
Mark Hanna: Faguzzi, fugazzi, it's a whazzie, it's a whoozie.. it's a.. fairy dust. It doesn't exist. It's never landed. It's no matter, it's not on the elemental chart. It... it's not fucking real!
Jordan Belfort: Riiight lolz

(from The Wolf of Wallstreet)
Fugazzi by ezekwail April 11, 2014
Related Words
Every other girl you meet is fugazzi.
Fugazzi by Jimmylee13 October 17, 2018
its a fuckin fugazzi!
shes a fucking fugazzi
fugazzi by deadcat June 24, 2003

Fugazzing 

I’m addicted to fugazzing because I’m a loser
Fugazzing by Bigdickdan747 August 23, 2023
Be Fugazzi, Don't Be Fubar
fugazzi by kymcleod October 12, 2003
Something that's fake. Used in rap to describe an unloyal person.
Bitch, is you crazy?
Bitch, you fugazzi
-Rapper Trouble on his song "Taking Chances"
Fugazzi by PhatPotato December 4, 2018