IPA: //ˈbeɪlfaɪər//
KK: /ˈbeɪlˌfaɪər/
A large outdoor fire used for burning materials, often for signaling or ceremonial purposes.
The villagers gathered around the balefire to celebrate the festival.
Balefire is formed from "bale" (from Old English "bæle", meaning destruction or evil) and "fire" (meaning the element of combustion). The word refers to a fire that is associated with destruction or evil, often used in a ceremonial context.
Think of 'bale' meaning destruction and 'fire' as the element that causes it — balefire is a fire that brings destruction.