I'm not sure if that's the closest possible equivalent, but it might work, depending on the context in which it is used.

Here is the definition of the idiom:
Put/stick that in your pipe and smoke it! (informal)
an impolite way of telling someone that they must accept what you have just said even if they do not like it Well, I'm going anyway, so put that in your pipe and smoke it!

Fig. Inf. See how you like that!; It is final, and you have to live with it. Well, I'm not going to do what you want, so put that in your pipe and smoke it! I'm sick of you, and I'm leaving. Put that in your pipe and smoke it!
http://idioms.thefreedictionary.com/Put that in your pipe an...

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Note added at 14 hrs (2010-09-29 11:04:50 GMT)
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Yeah further to the links posted by others, it does depend on how it's said. If I say "I will eat your cake, now put that in your pipe and smoke it", the Arabic could be وأعلى ما في خيلك اركبه - but if I say "Now you've lost your job, just put that in your pipe and smoke it", the Arabic could be something like اقبل بالواقع - إرض بالمكتوب لك etc.