To dream of eating baloney suggests that you are trying to deceive yourself into believing in something that goes against your natural instincts or long held values. Ask yourself what are you hiding from yourself or from others.
If you dream of someone else eating baloney, this indicates your growing distrust in that person. You may have lost your faith in that individual. Alternatively, it suggests that you are no longer as confident.
To simply see baloney in your dream suggests that you will be irked by some deceitful person.