The act of stealing or "swiping" something.
Often used as an exclamation during or directly after the actually scheisting as if to say "hah! i just snatched somehting ".
prounced sh-eye-st

Note:
When one scheists something in plain view of the owner it is called a "legal-scheist."
John scheisted Henery's yogurt and yelled "Scheist!"
Because the scheist occured right in front of henery it was a legal-scheist.
von Sconzo 18. Juli 2006

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