This article contains information on beta content in Grand Theft Auto V. It may feature speculation and/or unintentional misinformation.
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The Lasso is a weapon that was scheduled to be featured in Grand Theft Auto V, but was cut from the final version of the game. An image of it can be found in the game files.
Not much is known about it, although it is believed that it was going to behave similarly to the lasso featured in Red Dead series, also edited by Rockstar Games. This would include lassoing pedestrians and eventually hogtying them. Considering that GTA V also posseses some Red Dead Redemption leftovers (i.e. horses), this would be likely.