phallicacy Share definition Flag A combination of phallic and fallacy, phallicacy refers to a lie or exaggeration regarding the size of one's penis. He claimed he had 9 inches. I fucked him last night, and determined that was a phallicacy. phallicacy by g50007 May 2, 2008 0 0 Get merch Get the phallicacy mug. Buy Now — $32.95 See more merch