Meanings
If a description fits, it is probably the case; if an insult accurately describes you, you must bear it; if you take offence at an insult that was only implicitly directed at you, you admit the insult is true enough to be recognizable.
Example Sentences
1
If you think I'm talking about you, then if the shoe fits, wear it.
2
I'm not saying you're clumsy, but if the shoe fits, wear it.
3
She got defensive when I mentioned responsibility. I guess if the shoe fits, wear it.
4
They say honesty hurts, but if the shoe fits, wear it.
5
I wasn't specifically targeting anyone with my comment, but if the shoe fits, wear it.