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Euphemism for penis, cock, one-eyed monster, etc. Based on the word brony, which is from My Little Pony memes meaning older guy fans. Now it shall be known as a reference to penis.

Note: References or puns related to MLP or other magical shit lands you double points.
Dude 1: "She came over last night drunk, and begged for a ride on my little brony"

Dude 2: "After our third date Wendy took my little brony for a magical adventure to the lollipop forest, and I double rainbow'd!"
by SeymourJohnson February 10, 2012