This is a cap for the female D5 connectors on a SAB ilGoblin remote controlled helicopter battery tray and helps preventing shorts during storage, transport, and handling. The matching SAB part number is H1725-S.
There are two version provided: one plain, one with a hole for a 25mm key ring. In the picture, I've used the RCProPlus “Remove Before Flight” labels, but https://www.amazon.com/dp/B001HXZT14 or similar should work as well.
The fit should not be too tight and it is held in place by a small lip/bump.
The author marked this model as their own original creation.