Green’s Dictionary of Slang

rank v.1

[SE rankle or dial. rank, to lead a dissipated life]

1. to cheat.

[UK]Hotten Sl. Dict.
[UK]Sl. Dict.

2. (US) to catch in the act of committing a crime.

[US]G. Henderson Keys to Crookdom 415: Rank. To blunder. To fizzle. To rank a job. To get a rumble.
[UK]L. Duncan Over the Wall 335: They’ve ranked us, and we’ve got to plant – muy pronto.
[US]C. Hamilton Men of the Und. 324: Rank, [...] 2. To interfere with the commission of a crime.
[US]Ragen & Finston World’s Toughest Prison 814: ranked – To be seen or recognized while committing a crime.

3. (US) to betray, to let down.

[US]G. Henderson Keys to Crookdom 71: Many a good job was ‘ranked’ or ‘rumbled’ (spoiled) because the gunpowder did not have sufficient explosive force.
[US]Irwin Amer. Tramp and Und. Sl. 154: Rank.–To inform, generally when this is done inadvertently, on a pal. To be ranked is to be recognized or to be seen while committing a crime.
[US]Monteleone Criminal Sl. (rev. edn).
[US]C. Hamilton Men of the Und. 324: Rank, I. To double-cross.
[US]‘Iceberg Slim’ Pimp 151: Don’t worry ‘Top.’ I won’t rank us.
[UK]J. Morton Lowspeak.