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Holi, also called the Festival of Colors, is a popular Hindu spring festival observed in India, Pakistan, Nepal, Bangladesh, and countries with large Hindu diaspora populations, such as Suriname, Guyana, South Africa, Trinidad, the UK, Mauritius, and Fiji.
Holi is celebrated by people throwing colored powder and colored water at each other. Bonfires are lit the day before, also known as Holika Dahan (death of Holika) or Chhoti Holi (little Holi). The bonfires are lit in memory of the miraculous escape that young Prahlad had when Demoness Holika, sister of Hiranyakashipu, carried him into the fire. Holika was burnt but Prahlad, a staunch devotee of god Vishnu, escaped without any injuries due to his unshakable devotion.
Source – Wikipedia