。
She's eating dinner right now.
Literal
She [topic-は] now dinner [object-を] eating [right-in-the-middle-of-doing-ているところ] is.
~ているところ pinpoints the action as happening at this exact moment, sharper than the bare ~ている. ところ literally means 'place,' but here it has been abstracted to 'the precise point in time.' Compare three flavors: ~ところ ('about to do'), ~ているところ ('right in the middle of doing'), and ~たところ ('just finished doing'). The same noun threads through past, present, and future framing of an action.