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The following excerpt is from http://www.phrases.org.uk/bulletin_board...
Origin of the phrase "Liar,Liar pants on fire."
LIAR, LIAR - "Liar, liar, pants on fire, hang them up on telephone wire. (Said to a lying child)" This is a "derisive rhyme" used by children. "Tradition teaches the child to use sayings in certain situations to make a point emphatically. Such sayings can provide a quick and easy response to the taunt of another child, or a powerful demonstration of the child's stand. The sayings contain a collective wisdom that exerts a certain amount of pressure on children...
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http://www.phrases.org.uk/bulletin_board...
The phrase basically emphasizes on the point that a person who lies is always on a run for his/her life always . The line pants on fire exaggerates the point that a person who lies has to always be on his guards and watch out or else the fire of his lies and evil deeds may burn him up some day.
this is my perception of the phrase, for more details please
see this page.
http://www.phrases.org.uk/bulletin_board...
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