No, it is not possible (at least on the model B I'm familiar with, you can check the schematics for others) to toggle the USB VBus power, as there are no power switching devices on the board to implement this, and USB lights typically use only (abuse) the USB power without being command-able over the data lines.
It's true that a few USB hub implementations provide per-port power switching (many hub chips have the output pins to drive power switching FET's, but few hub PCB's have the FET's installed), and there may be ways to command them under Linux, but that's not relevant to an implementation where they are not present.
You should be able to accomplish your goal with a USB- or GPIO- commanded switching device - FET or transistor driver, mechanical or solid state relay, etc. These are available both as bare components or already packaged on a board/module, direct wired or opto-isolated, etc. If buying a USB-connected device, be sure to get one where driver source code is available either from the vendor or someone who has reverse engineered it, as neither a windows driver nor a binary-only x86 linux one would be much use on the pi.