Green’s Dictionary of Slang

bolo adj.1

[? milit. use Bolo, a spy (from one Bolo Pasha, executed for treason in 1918) or abbr. Bolshevik, i.e. fig. something that ‘is not straight’; note Vietnam-era US Army bolo, to ruin or fail deliberately]

incorrectly aligned.

[UK]G. Kersh They Die with Their Boots Clean 1: ‘Is it [i.e. a glass eye] in straight, Dusty?’ [...] ‘A bit bolo.’.
[UK]J. Curtis Look Long Upon a Monkey 63: He came to attention with a bolo clatter, peeheeing him by being smart and soldierly.