1a small coloured rubber bag which is inflated with air and then sealed at the neck, used as a child’s toy or a decoration:the room was festooned with balloons and streamers figurativehis derision pricked the fragile balloon of her vanity
2 (also hot-air balloon) a large bag filled with hot air or gas to make it rise in the air, typically one carrying a basket for passengers:he set his sights on crossing the Pacific by balloon
3a rounded outline in which the words or thoughts of characters in a comic strip or cartoon are written:a balloon reading ‘Ka-Pow!’
4 (also balloon glass) a large rounded drinking glass, used especially for brandy:a balloon of armagnac
5Scottish informal a stupid person.
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Universal
1swell out in a spherical shape:the trousers ballooned out below his waist
(of an amount of money spent or owed) increase rapidly:the company’s debt has ballooned in the last five years
(of a person) increase rapidly in weight:I ate out of boredom and I just ballooned up
2British (with reference to a ball) lob or be lobbed high in the air:the ball ballooned into the air
3travel by hot-air balloon:he is famous for ballooning across oceans
when the balloon goes up
British informal when the action or trouble starts:we’ve got to get our man out of there before the balloon goes up
[probably with allusion to the release of a balloon to mark the start of an event]