(uncountable, US) Peanut butter and jelly (or jam) that is spread on bread to make a sandwich.
On your average march you'll find you get through a good two peanut butter and jellies before you even get to where you're supposed to demonstrate
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(countable, US) A sandwich consisting of bread spread with layers of peanut butter and jelly.
1979, Donald Barthelme, "Aria", originally published in The New Yorker, republished in Sixty Stories (1981)
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Regional slang from around the English-speaking world — British, Australian, Irish, Caribbean, Nigerian, Filipino, AAVE, and the hyphenated-English dialects that make the internet sound local.
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