Most speculate that this was a meteor or bolide, though there are skeptics.
via Mysterious Universe:
So, what was it? The colors reminded some of an electrical transformer explosion but it was too large to be that and there were no reports of any noise. The Astronomical Society of Recife (SAR) says the height and high brightness of the flash indicates a meteor or bolide.
A meteor is certainly plausible, although variety of colors is out of the ordinary when compared to the singular white, green or orange colors most often reported in these types of sightings. No other explanations have been offered so far from official sources.
Unofficially, this Brazilian UFO is still up in the air.
What do you think?