Yep
Festival of Lights. Its for the celebration of the victory of Good over Evil.
http://en.wikipedia.org/wiki/Diwali
Its based on one of the greatest Hindu epic Ramayan (
http://en.wikipedia.org/wiki/Ramayana). Its celebrated on the day Lord Ram returned his home Ayodhya after killing Ravan, who had abducted his wife Sita when they were sent to the forest for 14 years.
It falls 20 days after Dushhera, day when Lord Ram killed Ravan. The date is not fixed as Ramayan has lunar date for the dates. So every year it changes, but mostly it falls in the end October or November starting.
We start by exchanging gifts few days before diwali. The celecration begins in the evening with the Prayers to several Gods and Goddesses, specially Goddess Lakshmi(Goddess of Wealth and Prosperity) and Lord Ganesh(Son of Lord Shiva). Then we light the candles and the lights, and the fireworks begin

which goes upto 4 am in the night.

.