This is a practical application of the ‘Tackleclamp‘ gripping hitch – a knot presented on the IGKT forums in March 2012 by forum member Xarax.
The tackleclamp appears to have exceptionally good gripping power, making it ideal for use around very smooth and uniform shapes like a marker pen. I have tried this lanyard idea before with other binding knots and hitches, but none have griped tightly enough around the lighter to be reliably secure.
The complete lanyard also includes a very simple ‘breakaway’ knot, which will release (for safety) under excessive tension. It could of course use any standard joining knot or a mechanical cordlock.