"No explosion if holding Bomb"
The Peace Ring is a Magical Ring that Link can obtain in Oracle of Seasons and Oracle of Ages. Link can acquire the ring by planting a Gasha Seed and finding it within a Gasha Nut. He can also acquire it in a Seed Ring form by bumping into Maple. The ring can also be obtained through a Fortune Link at Vasu's jewelry store.
When equipped, the Peace Ring will allow Link to hold a Bomb over his head, without worry that it will detonate. The bomb will not be set to go off until after Link releases the bomb.
There isn't too many practical uses for this ring, except when fighting enemies that require bombs to defeat, such as against Dodongo.