To set fire to, and burn down completely (arson) a property in order to collect insurance money. The Jewish connotation refers to the Jew's love of money and therefore unwillingness to spend money (and therefore commit insurance fraud).
"Jerry got most of his money when his place got hit by Jewish Lightning."
"Ben Steinfeldenstein's deli was the fortunate victim of Jewish Lighting, and he can now afford that new house."
A muscular dog (typically Rottweiler or Pit Bull mix) owned by an inhabitant of the ghetto. Young children of the ghetto therefore wish to own one of these for their own, similar to how suburban (and mostly white) children wish for ponies (as their parents typically own horses or exotic sports cars with horse branding)
"Roshanda wishes she had a ghetto pony so she could walk to the corner and not get shot or mugged"
"Paco didn't buy his daughter a ghetto pony for Christmas this year, just a picture of a Pit Bull with a message "Not Yours""