One who sometimes hides himself, and sometimes appears publicly abroad, is said to-play at bo-peep. Also one who lies perdue, or on the watch.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Booty * BorachioNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes