In the past it was a mythological creature that would await in the woods all night making owl-like noises.
Ex. ref,pg 169: "Ahoo, ahoo"
Today it's commonly used as a terminology of someone that wishes to become such a creature.
Hey bob, have you been hearing those strange noises coming from the woods lately?
Bob: That might be a Falicer, you should watch your steps going past there.