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The more correct term is "bald faced or bare faced lie" (bare is more common in Great Britain). It refers to a "shameless" or "brazen" lie. One where the teller does not attempt to hide his face while telling it.

It's just the last 5 yrs or so that "bold" has come into usage. It refers to typeface. It is used metaphorically in speech. In the same way that a typesetter uses bold face type to highlight specific text and set it apart, a bold face lie stands out in such a way as to not be mistaken for the truth.


More Information
The phrase can either be used as bold-faced lie, as in someone with a bold enough face to lie (bold meaning daring) or someone bold enough to lie to your face; it can also be used as bald-faced lie, where the older meaning of bald (meaning uncovered or unconcealed) - the more correct usage with this term is bare-faced lie.

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