The term swag may refer to one of the following:

• promotional items, usually given away for free. Possible backronym for Shit (or Stuff) We All Get, or So What Another Giveaway, more likely from the sense of stolen or scavenged loot as above.
• Other items not given to the public, but made by crews on certain teams, especially movie special effects teams.
• A wreath, garland or fabric suspended from two points
• A subsidence in the ground
• A british TV program, Swag, which focuses on catching "ordinary people" doing crime, and then humiliating them. They seldom take two sides of the story.
• Loot taken by a thief or burglar
• swag, a traditional roll of belongings carried by a traveller in the bush in Australian and New Zealand English (also "a large amount of something")
• Swag (novel), by Elmore Leonard
• Swag (Gilby Clarke), an album by Gilby Clarke

Initialisms

• scientific wild-assed guess or silly wild-assed guess
• Special Warfare Group
• Stuff We All Get

Also spelled "shwag" or "schwag"

• Cannabis, a slang term for a low-grade form, known for underdeveloped buds, excessive amounts of seeds, thicker stems and often a relatively low THC content.