Small firecrackers that make a small noise and a small amount of light.
Squibs are often used for fun and celebration, like on the 4th of July.
Examples:
We lit some squibs on Independence Day.
The squibs made a little noise and a little light.
The squibs were very pretty.
The squibs scared the cat.
We had a lot of squibs at the party.
The squibs were like little stars in the sky.