I assume American English.
Prior to the sexual slang made popular by the movie Clerks, snowballing in the context I used basically means to blindside or con someone.
One definition on Urban Dictionary:
"A situation where a criminal has found themselves in possession of an easy target and proceeds to rob them and leave them mortally wounded for fun, a synonym for getting iced."
There's also snowballing meaning a problem getting bigger and bigger when unaddressed. I'm probably using it in an older, not-exactly-mainstream way.
Blindsiding someone means taking them unawares - hitting them when they aren't looking, physically or metaphorically.
A speedball has cocaine in it, which is sometimes known as snow.
"Iced" can mean killed, but the Urban Dictionary definition is oddly specific
I agree about "snowballing" meaning increasing in size or momentum, but it doesn't have to refer to a problem.
Could you define this phrase and what English dialect it's from?