It basically means fit or hot.
Example 1: Omg, he is soo peng!
Example 2: He is peng AF!
Peng is a word that can describe a taste of a certain food or the description of a person. The word peng is a positive adjective. Such as describing a piece of chicken is peng, meaning the piece of chicken is really good! Or describing a individual, meaning the person is very attractive or good looking.
guy 1: This chicken is peng bro.
Another example
Guy 1: Ay yo look, that girl is peng!
1.Lit/Good (could be also used to say that some cunt’s fit)
2.Weed
1. Look at this Brownie she’s peng init
2. Yooo is your brudda still selling that peng? It was one of the pengest peng on the ends man