An Iridium Flare happens when the sunlight reflects off the solar panels of any of a fleet of 66 Tele-communications satellites, called Iridium satellites.
What we see here on Earth, is a satellite appear in the sky, and it gets brighter until it reaches the maximum brightness, then it fades again to below naked eye visibility.

This is how they are caused:

This image was used with permission from Sternwarte Solingen

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