na-adjective, noun
cunning with age; wily; crafty
Describes a person, especially an older person, who has become shrewd, crafty, or sly through life experience. Often carries a negative or wary tone.
あの老獪な政治家は、いつも裏をかく。
That wily old politician always outmaneuvers everyone.
彼の老獪な手口にはもう騙されない。
I won't be fooled by his crafty old tricks anymore.
Composed of 老 (old age) and 獪 (cunning, crafty). The exact historical derivation is uncertain, but the combination directly suggests 'cunning that comes with age'.