A special moment in time when all the guys in a room/area simultaneously create a lie on the spot to cover up something they were all just doing. It usually happens when telling the truth would get them in trouble, and each guy takes a turn telling the lie when the last runs out of ideas. If the same lie was told by one guy, it would not usually be plausible. It's the multiple accounts that makes it magical.
Can be applied to when caught watching porn, peeping on someone, circle jerking, etc.
John: Dude, me and a bunch of friends almost got caught last night by James' girlfriend.
Jake: Oh, shit, what happened?
John: Don't worry, me and everyone else made a guy lie on the spot. It was beautiful.