Though not directly attested in any original source, scholars have considered Býleistr to be a son of Fárbauti and his consort Laufey, because they are mentioned as Loki's brothers.
If, as according to Axel Kock, Fárbauti as "dangerous striker" refers to "lightning", the figure would appear to be part of an early nature myth alluding to wildfire (Loki) being produced by lightning (Fárbauti) striking dry tinder such as leaves (Laufey) or pine needles (Nál).