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It has become ignited; on fire.

Things and/or people are now lit and/or intoxicated, fam. Shit's getting pretty crazy out here. You sure you wanna stay at home with that girlfriend that ain't lit and ain't put out?
Aight, fam, its lit, let's kick this pig
Its Lit by Derpsloth March 26, 2016
Writing a cover letter at the back table of your office holiday party.
Never before have I felt such confidence in my ability to summarize my being and purpose in so few paragraphs; its lit!
Its Lit by fuzzlebaum December 21, 2016
bro, you seen the new Hot Cheetos thickburger at Carl's JR? Its lit
Its Lit by emonekey555 May 15, 2015
when you're so high that you want the lighter to light the bowl so you say its lit and then it lights up
hey bro, I'm packing a bowl its lit...(queue the lights)
Its Lit by spring roll July 26, 2016
bro have you tried the trbby patty its lit
its lit by trabbyman69 February 10, 2021

its lit fam 

It's lit. This is the most lit phrase in the english language. It's really lit tbh.
Person 1 : " I wanna die."
Person 2 : " Its lit fam."
Person 1 : " So lit. XD."
its lit fam by fuzzlez January 16, 2017