Meanings
Sense 1 is from the English phrase who pays the piper calls the tune; sense 2 may allude to the pied piper.
How to pronounce "pay the piper":
AU
To pay expenses for something, and thus be in a position to be in control.
To pay a monetary or other debt or experience unfavorable consequences, especially when the payment or consequences are inevitable or a result of something one has enjoyed.
Example Sentences
1
If you don't study for the test, you will have to pay the piper and face the consequences.
2
He partied all night and now he has to pay the piper with a terrible hangover.
3
They ignored the warning signs and now they have to pay the piper by dealing with the financial loss.
4
If you break the rules, you will eventually have to pay the piper.
5
She spent all her savings on unnecessary things and now she has to pay the piper.