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Bows and arrows:
It is customary for children to play with bows and arrows on this day, in commemoration that in the times of Rashbi the rainbow was not seen.
It is customary to light bon fires in honor of Rebbe Shimon and Lag BaOmer. This is done out of celebration, and in memory of Rebbe Shimon, as it is customary to light a candle in the memory of the deceased. Many are accustomed to throw expensive clothing and gold into the fire. However, the Poskim have spoken against such actions due to the prohibition of Baal Tashchis.
 Bnei Yissachar Iyar 3:4, brought in Likkutei Sichos 37:121
 Letter of Rav Ovadia Bartenura printed in Darkei Tziyon, brought in Taamei Haminhagim p. 266
Other opinions: See Chasam Sofer 233 who spoke against the bonfires stating he sees no reason for the extra joy of this caliber.
 Taamei Haminhagim p. 273
 Shoel Umeishiv 5:39