This question about zip bombs naturally led me to the Wikipedia page on the topic. The article mentions an example of a 45.1 kb zip file that decompresses to 1.3 exabytes.>
To create one in a practical setting (i.e. without creating a 1.3 exabyte file on you enormous harddrive), you would probably have to learn the file format at a binary level and write something that translates to what your desired file would look like, post-compression.