The text is playing on the stereotype that a vegetarian is someone who does not hunt, implying that the reason for their vegetarianism is a lack of hunting skills. It also suggests that 'vegetarian' could be humorously misinterpreted as a term used by Native Americans to describe an incompetent hunter. This relies on cultural stereotypes and a play on words, but it does not exploit different meanings of the same word or similar-sounding words.
Vegetarian : Indian word for lousy hunter ! ! !