A flashing fish lure includes a bore to receive a glow stick. At least one water wheel on or in the body rotates as the body is pulled through water. Each water wheel includes at least one aperture, such that as the water wheel rotates, light is intermittently communicated from the glow stick, through the aperture, and out or both of the opposing side surfaces to appear as a flashing light. The glow stick may use a chemiluminescent or phosphorescent material. An end of the glow stick may remain exposed following insertion, and a decorative skirt or other fish-attracting material may be attached to the exposed end of the glow stick. Two water wheels may be supported on respective opposing sides of the body, each with a plurality of water-catching vanes extending radially outwardly from a central axis about which each wheel rotates.