This meme came from /v/, it consists of posting a thread with a picture of Frodo, upside down, heavily modified or not, asking "Why [plot hole from LoTR, Harry Potter, Star Wars or anything]".

It seems the very first was aking "Why didn't Frodo use Gandalf's eagles to reach Mt.Doom faster?" which is actually a good question.

In most cases, the plot holes are getting more absurd with time and Frodo's picture is more and more altered (rotated, with poorly drawned moustaches, etc.).