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1. ironic, or amusingly hypocritical accusation.

an accusation that just does not work, but applies to the one accusing.

or

2. something false that is so outrageously off the mark, it’s ridiculous or preposterous.

just so wrong, that it’s funny.
k-fed: that’s the last straw, britney! dammit, i made you. remember that b-tch. you’re nothing without me! if you pull this sh-t with me again, i’ll leave you in a new york minute.

britney: that’s rich, kevin. and new york minute was a terrible movie.

k-fed: that’s it! i’m sick of you not knowing basic english idioms. i don’t know what i ever saw in you. it’s over!

or

eric: yo, guys, these mexicans in my cl-ss keep saying the dumbest sh-t in spanish.

tyler: what are they from spain or something?

eric: no… they’re mexicans, – they’re from mexico!

tyler: wait but.. they speak.. sh-t.

joseph: oh that’s rich! fail!
a phrase used to bring still more shame on someone while enjoying their mistake.
while watching someone fall down and bl–dy their nose, you say, thats rich.
when someone criticizes you for something that they themselves do.

when someone has the audacity to reprimand you when they are much worse than you.
tony: dude, you were wrong for standing up kesley the other night.
john: yet you’re engaged yet you’re f-cking two of your fiancee’s best friends! that’s rich, bro. real f-cking rich.
noun – a new way of saying ‘awesome, cool, rad, far-out, etc.’
john doe: “well that’s rich. he kicked himself in the face.”