It is possible to cancel the throw from a player, Totem Armos, or Prankster Poe by pressing L or R on the frame when the fling would occur. Both L and R can be mashed alternately to improve the chances, since holding one button won't hinder the other button's input.
Note that performing this against a Prankster Poe will cause you to take contact damage with the Prankster Poe.