A new class of optical modes arising from the hybridization between one localized plasmon and two orthogonal waveguide modes is described. Of particular interest is our observation that these hybrid modes simultaneously exhibit extremely low-loss and highly dispersive characteristics, which translate into slow light propagation. We propose that this is a new type of classical analogs of the electromagnetically induced transparency (EIT) in an atomic system. Based on a fine balance of geometric and material dispersion in the system, destructive interference of the waveguide modes cancels out the metal loss, resulting in a narrow transparent window within a broad absorption band. In accordance with the developed phenomenological model, we show that the dispersion characteristics of the hybrid modes can be entirely controlled by tuning the coupling strengths between the plasmon and waveguide modes while the mode losses remain the same.