1690s, "sculpture of upper torso and head," from French buste (16c.), from Italian busto "upper body," from Latin bustum "funeral monument, tomb," originally "funeral pyre, place where corpses are burned," perhaps shortened from ambustum, neuter of ambustus "burned around," past participle of amburere "burn around, scorch," from ambi- "around" + urere "to burn." Or perhaps from Old Latin boro, the early form of classical Latin uro "to burn." Sense development in Italian is probably from Etruscan custom of keeping dead person's ashes in an urn shaped like the person when alive. Meaning "bosom" is by 1884.

variant of burst, n., 1764, American English. For loss of -r-, compare ass, n.2. Originally "frolic, spree;" sense of "sudden failure" is from 1842. Meaning "police raid or arrest" is from 1938. Phrase ______ or bust as an emphatic expression attested by 1851 in British depictions of Western U.S. dialect. Probably from earlier expression bust (one's) boiler, by late 1840s, a reference to steamboat boilers exploding when driven too hard.