That'd be difficult. Pegs are usually used om BMX bikes for trick riding, and they often have oversize wheel axles to be strong enough for that. Disc brakes are usually used for bikes that travel faster than BMXes, (thus bigger need for good brakes) and those bikes aren't used for grind and flatland tricks that require pegs. In short: you'll have difficulties finding disc hubs that can have axles that can take pegs.
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Depends on what kind of axles it's got. BMX bikes usually use solid axles and regular wheel nuts and can take pegs. Most road bikes and the majority of MTBs have hollow axles and quick-release skewers, which can't take pegs - at least not on the side that has the quick-release lever. Bikes with internal gears also usually have an axle that's hollow on one side to allow passage for the gear linkage, making the use of pegs impossible. Just about any bike could be made to take pegs on the front wheel, and geared bikes could, with some tinkering, be made to take a peg on ONE side of the rear wheel(the side w/o gear linkage or guick-release lever. Whether a QR skewer would be strong enough for the loads imposed on it by a peg is another question entirely. Considering that a wheel coming off is likely to lead to a nasty fall I'd recommend against trying pegs on anything but solid axles.
It's a thick stubby cylinder that bolts on as an extender to the wheel axle.
The pegs can be used to stand on, or the bike can be jumped to land with the pegs on a rail or a ledge for grinds during trick riding.
It's easy you undo your bolt on your axles, put the peg on the axle through the hole in the peg and tighten it back up.
Unbolt wheel nuts, slip pegs on. Put wheel nuts back on using a socket, a socket wrench and an extender. Some stunt pegs screw on just like wheel nuts.