Here are the lyrics of the song with Translation. Most of those available on the web until now are wrong. I've tried to get it as right as possible. Still, if there is anything missing, let us know.
Lo mashaalon ko jagaa daala kisee ne
Bhole the ab kar diyaa bhaala kisi ne..
Here, someone has burned the torches..
We were innocent, someone has made us a spear..
[The thing to notice here is that Bhola and bhaala are used together as bhola-bhaala where bhaala doesn't have any meaning and the whole thing means 'innocent' only.]
Hum bhole the, hum bhole the, hum bhole they..
Hum bhole the.. Ab bhaale hain
Hum bhaale hain.. ab aale hain..
We were innocent, we were innocent, we were innocent,
We were innocent, But are spears now..
We're spears, and we've come now..
Hai Sheher ye koyalon kaa ye magar naa bhool jaanaa..
Laal shole ki isee bastee mein rehte hain yugon se..
Raaste mein dhool hai keechad hai par ye yaad rakhnaa
Ye zameen dhulti rahi sankalp waale aansuon se..
Mere aangan ko hai dho daala kisi ne...
This town is that of coals, but don't forget,
We've been living in this street of red fireballs..
There are dust and mud on the way, but remember,
The earth gets washed with the tears of pledge at times,
And someone has washed my yard..
Bewajah ye aag ghar se yoon nikalti hi nahi hai
Toliyaan jatthe bana kar cheekh yoon chalti nahi hai
Raat ko bhi dekhne do aaj tum sooraj ke jalwe
Jab tapegi eent tab hi hosh mein aayenge talwe..
Tod daala maun ka taala kisi ne..
For no reason this fire doesn't come out of home(s)..
And a scream doesn't walk making groups and hordes.
Let night too see the brightness of the sun today,
When the bricks are hot, then only the soles [of feet] will come to themselves..
Someone has broken the lock of silence [that was there on the public's mouths]..
[For Line one of the para: Aag is singular, but here he means all the people, hence it's actually about homes, not one home.]
Hum bhole they.. Ab bhaale hain
Hum bhaale hain.. Hum bhaale hain.. Hum bhaale hain..