There are quite a few different devices that can produce this effect on the market. Probably the most-known is called a "flint flasher", and are used in combination with some flash combustibles (usually paper or cotton). They tend to run less than $20.
There are also electronic flash guns (double or single barrel) for around $50 that "shoot" the flash away from your hands in the direction that you're pointing.
There are even reel-type ignitors, like Alan Wong's "Ball of Fire".