This hip-hop slang term refers to ones display of flashy possessions to announce his/hers financial success. Interestingly, the word bling is a perfect example of onomatopoeia as it signifies the sparkling sound shiney things make when light glares off of them, esp. on cartoons.
Prime examples of bling include, gold watches with lots of diamonds, platinum necklaces, diamond rings, gold/platinum teeth, really nice rims, and a really expensive luxury vehicle. Having 20" rims (or dubs) on your luxury vehicle is a great situation in which we have bling on bling. (bling bling)