This flexable word is used in three separate ways.
1. An ice-lolly.
Although fallen into disuse in favour of the Cypriot bippilon or else the Greek glifintzouri, this was originally used to refer to the frozen dessert on a stick beloved by children in the hot summer months.
The exclamation of bomba! denotes enthusiastic agreement or approval.
It is not as popular as it once was as the Hellenisation of the local dialect has rendered many of the old idioms unfashionable in that they are seen as rustic and unsophisticated.
It can still be used ironically to good effect.
3. An explosive device.
Usually made from stolen military materials or else from the freely available nitrates and sulphur used agriculturally combined with the occasional gas cylinder or petrol. This was a convenient tool for murder or "putting the frightners on" among individuals in the underworld of (primarily) Limassol.
The popularity of the technique has ebbed now, in the face of an upsurge in shootings with automatic weapons by hired assassins from abroad.
Just to be careful, if you go to Limassol and are delighted to find the ice-lolly of your choice, when you locate your glifintzouri, remember to exclaim oreah! (beautiful!) to avoid any possibility of giving the wrong impression and possibly causing a stampede among the street-wise local populace.
Alternatively, buy an ice cream and just say "thank-you"*.
Under the circumstances, everyone will understand.