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1.
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"

or

"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""
by josefresco December 07, 2006
63 14
 
2.
One that is like a wigger but even more so ghetto as to completly resemble a black man when he walks into a room.
Jason is such a ghetto pony with all that bling and that fuckin clown suit
by adam October 07, 2004
30 46