I recently received some sheet music for bass guitar with one section having a Pizzicato marking. I know for orchestral strings it means pluck the notes, but how does playing Pizzicato transfer to the electric bass?
Of course, everything on bass guitar is pizzicato in theory, as nothing is bowed. I've only ever seen pizz. markings in double bass parts, which I've then played on bass guitar. You can imitate a pizzicato sound on bass guitar by plucking with the RH thumb while palm muting. This is also how a pizzicato marking should be executed on classical guitar.
My approach would be to assume that this was written for double bass, and that the intention was to give that section a different texture and/or rhythmic feeling than the previous section. And I'd try to listen to the group as a whole and figure out how you can help create that same sense of contrast in your group's performance (without necessarily trying to sound like a double bass playing arco and pizzicato). Good luck!