The terminal velocity of a ping pong ball is approximately 9.5 m/s, which is reached after falling about 12.5 meters. The discussion explores how long it takes for the ball to reach this speed, with a focus on the calculations involved. A specific equation is provided to determine the velocity at intervals until terminal velocity is achieved, but there is confusion about how to apply it. Participants encourage sharing previous attempts to clarify the problem-solving process. Understanding the physics behind terminal velocity is essential for accurately answering the question.