This made Hiranya'keshyapu very angry and he made various attempts to kill Prahalada. During a particular attempt on Prahalada's life, King Hiranya'keshyapu called upon his sister Holika for help. Holika had a special gift or garment that prevented her from being harmed by fire. Hiranya'keshyapu asked her to sit on a bonfire with Prahalada on her lap in the hope that this would kill Prahalada. However, both the brother and sister had forgot that Holika could only enter the fire alone, or she would perish. As Prahalada chanted Vishnu's name, Holika was burnt to her death, and Prahalada was spared.

For many traditions in Hinduism, Holi celebrates the death of Holika in order to save Prahalada, and we see where Holi gets its name. The night before Holi, pyres are burnt in North India in keeping with this tradition. It should also be noted that in some parts of India the day is actually called Holika. There are other activities associated with the story of Prahalada, but the burning of Holika is the one that we can most directly associate with Holi. Fire burnt on the eve of Holi (Holika Dahan) symbolizes the burning of Holika. The story as a whole is testament to the power of devotion (bhakta) over the evil represented by King Hiranya'kashyapu, as Prahalada never lost his faith.

The burning of Holika is the most common mythological explanation for the celebration of Holi. In different parts of India varying reasons are given for Holika's death.

The Hindu festival of Holi, also called the Festival of Colors, is celebrated with much much enthusiasm in the month of Phalgun, which usually corresponds to the month of March. It marks the arrival of spring and the bright colors represent energy, life, and joy. 

This exuberant festival is associated with the immortal love of Lord Krishna and Radha, and hence, Holi is spread over 16 days in Nandgaon-Barsana-Goverdhan-Vrindavan as well as Mathura - the cities with which Lord Krishna shared a deep affiliation.

Hindus in India celebrate the festival of Holi by painting each other in bright colors, distributing sweets and squirting water at fellow festival-goers. The holiday begins each year with a bonfire, followed the next day by paint throwing to celebrate the arrival of spring and the victory of good over evil.

Apart from the usual fun with colored powder and water, Holi is marked by vibrant processions which are accompanied by folk songs, dances and a general sense of abandoned vitality. The children also engage in water fights, using plastic guns and balloons to splash each other and any unsuspecting person in sight from the rooftops of homes. 

Narasimha Avatara 

King Hiranyakashyapu tried over and over to kill his son, Prahalada, but Prahalada kept chanting his mantras and survived.  After he grew up, it was time for Prahalada to take the throne.  In order to achieve that goal, Vishnu bodied himself into Narasimha (Nara for Narayana, simha means lion.)  He had the body of a man but the face, hands and feet of a lion.  Once he appeared, he grabbed Hiranyaakashyapu and tore him to pieces on the threshhold of the palace at the crack between the day and the night.  After Hiranyaakashyapu was killed, Vishnu returned to Vaikunta, the Celestial Sphere.

The stories in the Maha'bharata are partly about events, as in the first five avatars rescuing the planet, and partly in the stories of the last five, which is a teaching about God rescuing people suffering under tyrannical demons, which are symbols of our own bad character traits.