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/Sounds like "LOH" (as in "loan") + "koh" (as in "coat")/

Meaning

An informal way to address a friend or acquaintance in Argentina, Chile, and Peru. It's used constantly between friends no matter the situation, from casual chats to heated arguments.

Examples

Come on, loco, let's go, we're gonna be late.

What's up, loco? Haven't seen you in ages.

Anonymous

In Spain, someone's face, especially when they look rough from lack of sleep, a hangover, or stress. Having a bad careto means you look like you've been through it.