The Collaborative International Dictionary of English v.0.48:

Candlenut \Can"dle*nut`\, n.
   1. The fruit of a euphorbiaceous tree or shrub (Aleurites
      moluccana), native of some of the Pacific islands. It is
      used by the natives as a candle, the nut kernels being
      strung together. The oil from the nut (

      ), native of some of the Pacific islands. It is used by
      the natives as a candle, the nut kernels being strung
      together. The oil from the nut ( or  or ) has many uses,
      including as a varnish.

   Syn: varnish tree.
        [Webster 1913 Suppl.]

   2. The tree itself ({Aleurites moluccana).
      [Webster 1913 Suppl.]

WordNet (r) 3.0 (2006):

Aleurites moluccana
    n 1: large tree native to southeastern Asia; the nuts yield oil
         used in varnishes; nut kernels strung together are used
         locally as candles [syn: candlenut, varnish tree,
         Aleurites moluccana]