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It means the same thing as the conventional term, but when said in this manner, it is used as a reference to Family Guy: The Movie when Stewie's future self accidentally burns down his apartment with his stress-reducing candles.
(Fireman 1): Hey, did you hear how that guy burned down his apartment? Stress-reducing candles!
(Fireman 2): Ha-ha! I-rony!

(College Student 1): Dude, I stayed up all night getting that paper done, then I wound up sleeping through class.
(College Student 2): I-rony!

(Roommate 1): Hey, I picked up some dinner. What movie do you wanna watch?
(Roommate 2): I was thinking Super Size Me. What food did you get?
(Roommate 1): Uh, I picked up some Mickey Dee's. I was gonna eat while we watched. I got stuff to do.
(Roommate 2): I-rony!
I-rony! by Lock Down April 12, 2008
Related Words

I-Ronnie 

/ˈīrənnē/-Noun
When someone’s behavior or entire existence seems deliberately contrary to what one expects and is often amusing as a result.
“That overzealous and demanding cleaning lady left a huge mess in the office for everyone else to clean up!” She’s such an
“I-Ronnie”.

When a homosexual maintains a heterosexual lifestyle, beard and all. They are an I-Ronnie. And vise versa.
I-Ronnie by Drusilla Feminum January 29, 2023

Big Iron 

Big Iron: A firearm, specifically a revolver. Due to the thick metal used in creating old-style revolvers such as the Colt Peacemaker or the newer Ruger Blackhawk/Redhawk, and partially due to the weight of the weapon, they earned the nickname "Big Iron." This phrase became largely popular after Marty Robbins' widly successful gunfighting ballad called "Big Iron."
"No lone dared to ask his business no one dared to make the slip, the stranger there amoung them had a big iron on his hip"
Big Iron by wakyjdogboy April 12, 2017

slanging that iron

i been slanging that iron ya herd meh ! neva been pussy
slanging that iron by kyiy May 5, 2018

Twitch Irony

When you're watching a streamer play a game and they are either lost, or making a mistake, but the audience is aware of that mistake, usually saying things like "They Don't Know" or "They Lack the Critical Information" or "Wait for it." Very similar to Dramatic Irony, but in a live setting.
He doesn't know... LUL Twitch Irony.

Kiss Iron 

Telling someone to kill themselves. Refers to the placement of a gun barrel inside someone’s mouth.
A: GGEZ Y’all trash

B: Kiss Iron, loser
Kiss Iron by ClickBaitVEVO November 14, 2022