A releasable fishing device includes a flasher body having a distal end and a proximal end. A guide member is attached to the proximal end of the flasher while a releasable member is releasably attached to the distal end of the flasher. A line is threaded through the guide member and an aperture in the releasable member. A stop is affixed to the line between the guide member and the releasable member. As the line is pulled through the water or trolled by movement of the rod relative to the water, the stop member contacts the guide member and pulls the body through the water so that it can function in a conventional manner. A lure is connected to the distal end of the line. Once a fish strikes the lure and runs with the bait, the line is drawn in a distal direction relative to the flasher. The stop member contacts the releasable member and releases that member from the flasher, thus allowing the line to move relatively freely as the fish runs with the lure.