Ritual worship in which lights are waved. (Glossary for the Vahinis)
Aarti is just one more prayer, with which the Bhajan or worship should close. The camphor is itself a fragrant substance, and one’s essence is the fragrance of the spirit. When it burns, it gradually fades itself out giving warmth and illumination to those around. So too, one should so live (burn oneself out) that one is a source of comfort and inspiration to others with whom one comes into contact. Install Light in your heart and be a Light to others around you.
Another meaning is that after camphor burns away, no residue is left. Mind is the camphor. When it has resolved itself into the Self without leaving even the slightest trace behind, it is realization of the Self. That is the lesson of the Aarti.
While it is being waved, pray: O Lord! Make the allotted span of my life as pure, as fragrant and as transparent as camphor. Let it consume itself in fire, scattering light and warmth of love to all around me at the end of it all, let there be nothing left of me. The waving of the camphor flame at the end of the Bhajan sessions is to remind you that your sensual cravings must be burnt away without leaving any trace behind, and you must offer yourself to God for being merged with His Glory. (NNSG Vol.4, p. 32)