(often capitalized) A mock-honorific title given to a particular person who is stingy.
Don't expect a big tip from El Cheapo over there.
A person who is stingy; a cheapskate.
He's such an el cheapo that his wallet hasn't been opened for days.
On the game show The Price Is Right, used in reference to the lowest two-digit number on a board of (initially) nine numbers in the pricing game Money Game.