Etymology
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flasher (n.)

1680s, "something that emits light in flashes," agent noun from flash (v.). Meaning "male genital exhibitionist" is from 1960s (meat-flasher in this sense was attested in 1890s and flash (v.) in the sense "expose the genitals" is recorded by 1846). Johnson (1755) has it also in the sense "one who makes a show of more wit than he possesses."

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Definitions of flasher

flasher (n.)
someone with a compulsive desire to expose the genitals;
Synonyms: exhibitionist
flasher (n.)
an electrical device that automatically turns a lamp on and off (as for an advertising display);
flasher (n.)
a light that flashes on and off; used as a signal or to send messages;
Synonyms: blinker
From wordnet.princeton.edu