Simple but fun (for small kids, anyway) toy similar to Tiddlywinks in that the object was to flip the playing pieces into a container. In this case, the container was a rigid pair of plastic 'pants' with suspenders, and the playing pieces were little plastic ants with enough springiness to them that when a kid pressed down on the tail and quickly released, the 'ant' would fly into the air and, hopefully, into the pants. The object, of course, was to get all of one's colored ants into the pants first - a skill set which gave bigger or smarter kids no special advantage, hence the popularity with all ages.
The toy was released in 1968 by Schaper; it is now owned by Hasbro.
Note: Playing Ants in the Pants was good training for kids to play 'Quarters' when they later went to college.
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