Here's a breakdown:
* Pelón: This word literally means "bald" or "hairless," but it's often used as a slang term for someone with little or no hair. It can be considered affectionate or even playful, depending on the context and relationship between the speakers.
* -cito: This suffix is a diminutive, which means it adds a sense of smallness, cuteness, or tenderness to the word.
Therefore, "peloncito" means "little bald one" or "little hairless one." It's often used to refer to a bald person in a gentle, endearing, or even humorous way.
Important note: As with any slang term, it's crucial to consider the context and the relationship between the speakers before using it. It's best to avoid using it unless you're very comfortable with the person and are sure they won't be offended.