Without libraries

If you want to do this in vanilla JS/ES6 you can use the following solution

worked only in NodeJS > 6

const args = process.argv
  .slice(2)
  .map((val, i)=>{
    let object = {};
    let [regexForProp, regexForVal] = (() => [new RegExp('^(.+?)='), new RegExp('\=(.*)')] )();
    let [prop, value] = (() => [regexForProp.exec(val), regexForVal.exec(val)] )();
    if(!prop){
      object[val] = true;
      return object;
    } else {
      object[prop[1]] = value[1] ;
      return object
    }
  })
  .reduce((obj, item) => {
    let prop = Object.keys(item)[0];
    obj[prop] = item[prop];
    return obj;
  }, {});

And this command

node index.js host=http://google.com port=8080 production

will produce the following result

console.log(args);//{ host:'http://google.com',port:'8080',prodproduction:true }
console.log(args.host);//http://google.com
console.log(args.port);//8080
console.log(args.production);//true

p.s. Please correct the code in map and reduce function if you find more elegant solution, thanks ;)