Dismiss lovely explosive device
I believe the answer is:
firecracker
'explosive device' is the definition.
(firecracker is a kind of explosive device)
'dismiss lovely' is the wordplay.
'dismiss' becomes 'fire' ('fire' can be a synonym of 'dismiss').
'lovely' becomes 'cracker' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'fire'+'cracker'='FIRECRACKER'
Can you help me to learn more?
(Another definition for firecracker that I've seen is " banger".)