Leather and Lace

refers to persons whom consider themselves to be bisexual and find the terms 'bi' and 'bisexual' to be degrating and dirty.

Joe: hey, I heard susie q was a lesbian. Is that true?
Brett: no dude, she likes leather and lace

Diana: michael asked me out but I'm not sure if it's a good idea to go with him
Heather: why? he's cute...
Diana: he likes leather and lace, so he's probably gay but doesn't want to admit it