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Guero is not to be confused with gringo. This term isn't as racialized as the other definitions would lead one to believe. It is a descriptive term used to refer to anyone with a lighter skin complexion. It is NOT exclusive to any one racial or ethnic group( eg: whites and light-skinned Latinos can fall into the "guero" category.)

In Mexico, and in other Spanish speaking countries, it is often a term of endearment used to describe men with lighter skin complexions.

It is in contrast to "prieto", which is a term of endearment used towards darker skinned men.
Hombre 1: Eres gringo buey?
Hombre 2: No idiota. Solamente soy guero. Quien le dijo que todos los Latinos eran prietos? No que hay algo malo con ser prieto.
Hombre 1: Buey, solo te pregunte si o no.

Man 1: Are you a gringo?
Man 2: No dummy. I'm just "guero". Who told you all Latinos are "prietos"? Not that there's anything wrong with being dark-skinned.
Man 2: Dude, it was a yes or no question.
Guero by LeonQuixote September 5, 2016
A person who is often found doing drugs, stealing from hobos,cursing, and not paying their library dues.
Librarian: excuse me sir, you've taken out 25 books in the past week and have not returned them yet.
gnegro: what're you gonna do about it?
librarian: well sir, we recommend that you pay your late fees and return the books as soon as possible.
gnegro: you ***** son of a ***** ****!
gnegro by nooneimportantt May 12, 2008

que onda guero 

Que Onda Guero is a song by Beck.
a spanish slang term for a fair skinned or light haired person. once again it is not derogatory but can be used that way.
what does he look like?
- hes guero with blonde hair and tall
Guero by inkakola December 8, 2003

que onda guero 

cheech:que onda guero!!
chong:orale
que onda guero by pasole4life August 7, 2009
Oddly in the Mexican culture, Guero is not generally derogatory as Gringo is. Whitey or White man seems more derogatory than foreigner, but its not. Guero is preferable in the MX culture, while still slang. I have been called this many times by MX friends and acquaintances, and are very clear its not a pejorative.
Guero by MOS8541 June 13, 2016