The festival of "Holi" commemorates the victory of Lord Vishnu over the demoniac King Hiranyakashipu and his sister Holika.Hiranyakashipu's own son Prahlada was a great devotee of Lord Vishnu. Prahlada's demon father attempts to burn Prahlada to death on a pyre by ordering him to sit in the fire on the lap of his sister, Holika, who is to be protected by a magic shawl.

Holi Bonefire

Praying to Lord Vishnu, Prahlada is unharmed in the fire but his sister perishes.

The destruction of  Holika by the Lord is thus celebrated on Holi with the burning figures of the demoness in huge bonfires.

Holi has a special significance for devotees of Lord Krishna, are burning on this day figures of the Demon Sukhandacuda who was slained by Krishna. After Krishna had slained the demon, Krishna and Radha played throwing colors one on the other, and the Gopies of Vrindavan exhebited a woderful divine love to Krishna (Shrimad Bhagvatam 10.35) 

The devotees are celebrating these pastimes in joyful festivities that last for several weeks in Vrindavan and Mathura, the towns where Lord Krishna grew up, and where He first celebrated the festival by playing pranks on the Gopis.

 Lord Krishna plays 'Holi' with the Gopies in Vrindavan

Holi is also called the Festival of Colors, and people celebrate this spring festival with folk songs, dancing and with lighthearted pranks such as the throwing of colored powders and water at each other.