What you'll need:
Sheets of orange, black, red or purple standard 8x11 construction paper (1 sheet = 2 lanterns)
Scissors
Tape, glue, or a stapler
So! Here we go!

Step 1: Take a sheet of construction paper and fold it in half, the short way (or the 'hamburger' way).

Step 2: Cut along your fold. Each half will create one lantern.

Step 3: Fold a half the long way, or the 'hot dog' way.


Step 4: Keeping the fold facing you, cut 1"-2" slits halfway up the fold.

Step 5: Unfold the half.

Step 6: Now, take the ends of the half and connect them, creating a circle with slits in the middle.

Step 7: Tape, glue, or staple these ends together.

Step 8: Press the ends of the lantern together, using your palms. The slits will fold down the middle where you originally folded the half, creating this nice lantern-y shape.

This is what your lanterns will look like! You can use smaller or larger paper according to taste.
What I also like to do is hole punch the top of the lanterns and string them across my party room; creates a very nice touch!
Have fun!!