A popular phrase coined in the 2009 blockbuster The Hangover when the trio stole a police vehicle and realized that Stu had married a stripper in which they had several photos, mugs, hats, etc. of the event and "torching the cop car" was suggested as a plan of action to get rid of the evidence. This term is defined as disposing of, destroying, and/or literally "torching the shit" out of any viable evidence from previous incident(s) of shameful and indecent behavior that could possibly incriminate an individual/group of individuals.
Jim: I can't believe Melissa almost found this box of 253 sex tapes I made with those nameless hookers in our bedroom during our marriage all the way in the back of the closet.
Terry: Dude, either you hide those things better or you might want to be torching the cop car.