Cholos often drive low riders.
A hardcore cholo will wear the baggy look, bigtime tatoos, and a shaved head. The chola might have long permed black hair, dark lipstick and a teardrop tatooed under her eye, (and their toddler might have a shaved head and wear the garb unless abuelita steps in.)
This look is subject to change as gang-culture evolves. So what a cholo looked like in the times of Cheech and Chong is out-of-date, but still revered with some pride. There are even plastic figurines with this look sold in gumball machines all over the streets of L.A.
The word has a totally different context in South America, where it means indigenous peasant. But in the States, it has been appropriated and the context has evolved.
In Peru it has no 'gangster' connotation.
insult: Mira el cholo bloqueando la calle con su burro!