On l995 Geo Metro when the engine light comes on is this an electrical problem and possible fire hazard warning?

Not really. Most cars are pre-programmed to kick on the check engine light somewhere around the 60,000 mile mark. This is just to get you into the dealerships so they can hook you up to their computer and tell you nothing is wrong and charge you anywhere from 65 to 150 bucks. You can most likely turn it off by disconnecting your ground cable from your battery for a minute and then re-connecting it. Or if you have a friend with a code scanner, they can use it to turn it off. This light will come on if the engine computer senses something wrong with one of the sensors on the engine such as an O2,MAP,MAF etc. just to name a few. If you get it turned out and it comes back on, you need to take it to your mechanic and have him check it. But there shouldn't be any fire or electrical hazards.