Step 1: Frame the question around what erodes bone. A lytic lesion means radiolucent bone destruction, and the standard list of causes is summarised by the FOG MACHINES mnemonic, in which the M stands for myeloma and metastasis.
Step 2: Scan the options against that list. Only multiple myeloma belongs to it, and its localized variant, the solitary plasmacytoma, is a textbook single punched-out lytic defect.
Step 3: Discard the irrelevant choices. Atherosclerosis and mitral stenosis are vascular and valvular disorders with no role in bone lysis, while an osteoblast is a cell that lays down bone, the opposite of a lytic process.
Step 4: The condition that produces a solitary lytic lesion is myeloma.
\[\boxed{\text{Multiple myeloma}}\]