I've seen this riddle.
I have a bee in my hand. What's in my eye?
Apparently, the answer is beauty but I don't get it. What's the play on words here?
This is an amusing grammatical quip on the phrase:
beauty is in the eye of the beholder
Change beholder to bee holder, meaning person who is holding a bee in his hand. Beauty is in the eye of the person holding a bee in their hand (bee holder).
Incidentally, the phrase means that beauty is in the eye of the viewer. That beauty is not an absolute, but beauty is subjective and depends on the opinion of the person perceiving the beauty. What is ugly to one person may be beautiful to another.