(Yes, that's a spark plug.)
If you strip out the threads in the right hand crank, you can use a 14x1.25mm spark plug thread repair kit from a car parts store to fix it. Pedal threads are normally 9/16-20 tpi, but the metric size is actually close enough to work. If you strip the left hand crank, you can theoretically still use that kit but you'll need another right hand pedal and some threadlocker (you're better off just replacing the left crank).