It's a wand that shoots fireballs! Watch your magic meter!
Conjure fiery blasts!
Sprite Relics Fireball

The Flare Wand is a Relic that uses the player's magic to shoot fireballs. The Flare Wand can be purchased from Chester for 1000 gold in Pridemoor Keep or in the Village for 2000 gold if it was not picked up before completion of the stage. The Flare Wand is the subject of the Flare Wander feat, which is earned by defeating an enemy with the Flare Wand from more than 25 blocks away.

In Plague of Shadows Plague Knight can trade it for the Big Boom.