As mentioned by Transient, you would take a reference to the second array and use it as the value of the hash, keyed by the values of the first hash:

use strict;
use warnings;
my @Property = qw(FolderProperty1 FolderProperty2 FolderProperty3);
my %O_P = ( 'FolderObject' => \@Property );
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Then whenever you wanted to refer to the properties, you would have to dereference, like this:

my $second_property = $O_P{'FolderObject'}->[1];
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If @Object and @Property are prepopulated with a large number of values, you need to figure out how to take the right slices from @Property to assign the right values to each @Object (maybe they all have the same number of properties?).

As mentioned, this assumes that the keys in @Object are unique -- you'll overwrite part of your hash if there are duplicate entries in @Object.

Update: Ah, I see you are parsing XML. As mentioned by davidrw, you may not need to re-invent the wheel, here. :)

I am looping through a file that contains both Objects and Properties and storing Objects in @Objects and Properties of particular Object in @Properties e.g of the file

<AllObjectsProperties>

<Object name="O1"/>
<Properties>
<Prop name="P1"/>
<Prop name="P2"/>
<Prop name="P3"/>
</Properties>

<Object name="O2"/>
<Properties>
<Prop name="S1"/>
<Prop name="S2"/>
<Prop name="S3"/>
</Properties>


</AllObjectsProperties>
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XML::Simple or one of the other XML modules may suit your needs and save you the parsing/looping/data structure creation.