Do not turn to idols or make for yourselves molten gods; I am the LORD your God. (Leviticus 19:4)
The literal commandment is that we should not turn to idols or make molten gods for ourselves.
Messiah implicitly affirmed this commandment when He spoke about the Law:
"Do not think that I came to abolish the Law or the Prophets; I did not come to abolish but to fulfill. For truly I say to you, until heaven and earth pass away, not the smallest letter or stroke shall pass from the Law until all is accomplished. Whoever then annuls one of the least of these commandments, and teaches others to do the same, shall be called least in the kingdom of heaven; but whoever keeps and teaches them, he shall be called great in the kingdom of heaven. (Matthew 5:17-19)
Messiah declares "I am the way, and the truth, and the life; no one comes to the Father but through Me." (John 14:6)
When we are commanded not to serve idols it is because such a pursuit is fruitless and only turns us away from the truth and the way to know G-d... by serving Him.
Idols are nothing. Scripture describes idols in this way:
Thus says the LORD, "Do not learn the way of the nations, And do not be terrified by the signs of the heavens Although the nations are terrified by them; For the customs of the peoples are delusion; Because it is wood cut from the forest, The work of the hands of a craftsman with a cutting tool. They decorate it with silver and with gold; They fasten it with nails and with hammers So that it will not totter. Like a scarecrow in a cucumber field are they, And they cannot speak; They must be carried, Because they cannot walk! Do not fear them, For they can do no harm, Nor can they do any good." (Jeremiah 10:2-5)
We should also not lead others astray from the truth by making idols for them.
These commandments prohibiting idolatry picture Messiah by pointing to idols and telling us He is not like them.
Messiah fulfilled this commandment by not making idols for Himself or for others.
This commandment is traditionally observed by not making any form ("whether in heaven above, or on earth beneath, or in the water that is under the earth") for the purpose of worship... specifically if the person who would be worshiping the idol is someone other than the person who made the idol.
We are able to fulfill this commandment today by not making idols for others from any substance or in any form. Any object that is deemed to be a "god" is an idol and, as the apostle Paul exhorts us, we should flee from such things (1 Corinthians 10:14).