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My light came on back several months ago. And i haven't had much time to look into it. I know I have a bit of a break fluid leak on the driver rear, but I keep my fluid full and haven't had any breaking issues. Other the the lack of performance these trucks are known for. And im sure the bigger tires dont help.
Fix that brAKE fluid leak NOW. If it starts to leak onto the drum, it will sod the shoes and you could lose braking capacity at that wheel entirely. And like any "bit" of a leak, it can become a major leak with ONE press of the pedal, at which point you lose both rear brakes completely.
Does your red BRAKE(!) failure warning light on the dash work? Does it come on when you apply the parking brake? It should. If it's not working, you should fix it ASAP; it's the more reliable warning of a hydraulic brake failure.
Check out your VSS and the associated wiring on the rear end. Mine had an ABS light for some time and it ended up being the VSS. Even though the speedometer and cruise control worked fine, the VSS was funky enough that it wasn't sending a strong enough signal to satisfy the ABS system.
Here are a couple links that really helped me when I was dealing with that mess on mine.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.