Deflation
From wipipedia.org

Deflation in a BDSM context means making a male's erect penis limp without allowing him to orgasm. It is an important tool in inducing sexual frustration.
This may be done either directly (applying ice cubes or a cold wet flannel is an effective technique, or various forms of male genitorture may be used) or indirectly (for example, by humiliation or very unpleasant odours).