Make a mark on the wall with the pencil at the center mark of where you'll be hanging the heavy object. This is where the molly bolt will go.
Insert a drill bit into the drill. Use a drill bit that is the same diameter as your molly bolt. Drill a hole in the wall until you have penetrated both the plaster and lath. You'll know when you've gone all the way through because the drill bit will have wood shavings on it when you pull it from the hole.
Insert the 2-inch molly bolt into the hole and use a flat-head screwdriver to turn the screw clockwise to tighten the molly bolt.
Remove the screw by turning the flat-head screwdriver counter-clockwise. At this point, the molly bolt will be set in place because the fastener on the back side is tight up against the back side of the wall.
Place a mounting bracket up against the wall, lining up the hole with the hole from the molly bolt. If the object you're hanging has a pre-drilled hole for mounting, you can also place it directly up against the wall. Insert the screw through the mounting bracket or pre-drilled hole and into the molly bolt. Tighten the screw with the flat-head screwdriver until it is tight.