When a girl is for the most part unattractive, but has one body part that not only is redeeming, but breathtakingly amazing. For instance, a girl looks amazing from behind with a perfect ass, but turns around, revealing a hideous face or flat chest. Similar to butterface, but not limited to body vs. face. The name refers to the arousing part not belonging, just like a precious jewel that has been placed on the wrong body.
Also not to be confused with fat chick tits.
"I was checking out this chick's ass, but then she turned around and she was nasty. Her ass was a misplaced jewel."
Seeing someone else's attractive partner or spouse, and thinking you could give them more pleasure then they've already got.
first guy> See that hot redhead dancing with that stiff? She'd be having more fun dancing with me!
second guy> Misplaced Mojo, dude, you know their engaged.
being attracted to someone because they remind you of someone else that you were/are attracted to.
I'm totally hot for the girl Julie who sits in the next cube over from me at work. I hardly know her, but she reminds me of my old girlfriend who is a hottie! I guess you could say I have misplaced attraction for her.