This saying is a reinforcement of the expression "y'a pas le feu", meaning that there's no rush. Typically French-speaking, this expression arrived on the shores of Lake Geneva in the mid-19th century.
When used outside Switzerland, it is pronounced with a drawl that is a humorous feature of the "Swiss accent". In addition, the incoherence of a lake catching fire reinforces the mocking tone.
However, Lake Geneva can give the impression of 'catching fire' when it is tinged with magnificent orange colours due to the reflections of the sunset. According to a popular explanation, until the lake catches fire, the day is not over, so there's no need to rush. This was the natural clock for workers on the land bordering Lake Geneva.
"And after all, fire in the lake or not, sometimes we're right to take our time." RTS, 2018.
For further information: RTS, Couleurs Locales
Photo credit: ©Coralie Pittard