He is a young chub, or a mere chub; i.e. a foolish fellow, easily imposed on: an illusion to a fish of that name, easily taken.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
See also the definition in Nathan Bailey's 1736 dictionary of canting and thieving slang.
Christmas Compliments * ChubbyNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes