Hotrod flashlights and battery safety.

Thermal runaways are very rare, but can get dangerous because the flashlight is a tightly enclosed space, and pressure can build to dangerous levels.

Explosion in a charger: My 14500 battery explosion, with pictures
Trustfire X6 explosion while off: Trustfire X6 SST-90 EXPLODED
Imalent DX80 driver failure: My Imalent DX80 caught fire, vented smoke, almost exploded (replacement head arrived)
Solarforce L2T, shorted out car battery: Exploding flashlight kills man

None of the cases above are due to shorts or over-currents however.

Name brand li-ion cells have a safety test that checks for fire and explosion during a dead short:

So while thermal runaways are rare, they can be deadly, so reasonable precautions should be taken.