This phrase that comes up occasionally in magic and Pagan circles. The phrase refers to a rite of the Roman Catholic Church--

The Rite

The rite of the bell, book and candle of the Roman Catholic Church is associated with Witches because the Church considered them 'reprobate'. In modern times many people mistakenly use the phrase, believing it is in reference to the bell on modern Pagan or magical altars, the book of shadows, and a candle used for magic or symbolism. The rite consists of the priest reading the following:

We exclude him from the bosom of our Holy Mother the Church, and we judge him condemned to eternal fire with Satan and his angels and all the reprobate, so long as he will not burst the fetters of the demon, do penance and satisfy the Church.

Then the priest closes the book, rings a bell - a symbol for death, and extinguishes a candle or candles and throws them down - representing removing their soul from God's sight.