A fork of Rural Dictionary
A man purse. Generally used to carry around books, granola, workout gear, or anything that needs to be carried. Sometimes they are decorated with pins or patches. A Fag Bag can be a small backpack, a slingbag, or a tote.
"Ew! look at that hideous Fag Bag that Chris is sporting!"
"Fag Bags are SO hot right now."