In Balloon Fight, if a player flies too close to the water, a giant fish emerges, grabs the player with its mouth, and submerges back into the water with the player. The fish also emerges if an enemy descends to the water with a parachute. While gray with white lips in the official artwork used for the Famicom version of the game, its in-game sprite depicts it as orange with blue lips.
As a stage hazard
The fish is a hazard on the Summit stage. In this game, the fish will pop out of the sea to eat any character that stays in the water at the bottom of the stage for too long. The fish will only appear when there is water around the base of the stage, not when the stage is at the top of the mountain or falling/rising. If the fish swallows a character, that character will be carried through the lower blast line and KO'd. The fish's tail is also capable of hurting characters, dealing 15% damage and giving significant vertical knockback. The fish can eat any number of characters in a single appearance, but it will always follow a set arc and will go after whichever character has been in the water the longest. If swallowed, there is no way to escape, but there is a small window of time in which a character can get out of the fish's path.
As a stage hazard
The fish returns in its original 8-bit form on the Balloon Fight stage. If a player gets too close to the water, the fish will grab them and attempt to drag them down past the lower blast line. The player can escape the fish by button mashing, as with other grabs, though it's near impossible to escape above 100%.
The fish reprises its role as a stage hazard on the returning stages Summit and Balloon Fight. It also appears as one of the many spirits in the game, using its artwork on the Japanese and European box art for Balloon Fight.