What is Liar Liar?
1.
A name given to somebody partaking in the act of lying.
A consequence of becoming a, "liar, liar," is finding your pants spontaneously combusting into flames.
Lando: "Yo, I'm not a Judas."
Pete: "Liar Liar, Pants on fire."
Lando: "Ah, good point my good sir, could you please extinguish my trousers?"
Pete: "No...you bloody traitor."