1. noun, slang Someone who is very reluctant to spend money. Can be used as a humorous title, in which case it is capitalized. OK, El Cheapo, I'll pay for it then, geez. He's such an el cheapo! Geez, I'll pay for it then.

2. adjective, slang Describing something that is inexpensive and, often, poorly made. Yes, I'm trying to wrap the gift, but I keep tearing this el cheapo wrapping paper.