Photos & Videos. Top Definition. cholo. A cholo is term implying a Hispanic male that typically dresses in chinos (khahki pants), a wifebeater sleeveless teeshirt or a flannel shirt with only the top buttoned, a hairnet, or with a bandana around the forehead, usually halfway down over the eyes.holo does not mean a Mexican gangster and it doesen't necassarily mean Mexican or Chicano. A Cholo is Spanish for Mestizo. A Mestizo is a person of mixed European and Native American heritage. Many Mestizos are Salvadoran, Honduran, Peruvian,Guatamalan, Mexican and Ecuadorian.