Source : Webster's Revised Unabridged Dictionary (1913)

Balefire \Bale"fire`\ (b[=a]l"f[imac]r), n. [AS. b[=ae]lf[=y]r
   the fire of the funeral pile; b[=ae]l fire, flame (akin to
   Icel. b[=a]l, OSlav. b[=e]l[u^], white, Gr. falo`s bright,
   white, Skr. bh[=a]la brightness) + f[=y]r, E. fire.]
   A signal fire; an alarm fire.

         Sweet Teviot! on thy silver tide The glaring balefires
         blaze no more.                           --Sir W.
                                                  Scott.

Source : WordNet®

balefire
     n : a large outdoor fire [syn: {bonfire}]