I have heard that angle before, from a Church of Christ minister. He said that the believers were to be baptized (immersed) in the Holy Ghost while the unbelievers would later be immersed in the Lake of Fire. I don't think this is particular to the Church of Christ, that's just where I first came across the idea.
It is hard to be too dogmatic here, imho.
The believer is described as "passing through fire" (
Isaiah 43:2,
Daniel 3:25-27).
Zechariah 13:9, states specifically that God would bring His people through the fire to "refine" them as silver is refined.
Malachi 3:2-3, uses this same image to describe the purifying of the priests in the Second Temple era. Though these are Old Testament passages, it's not too hard to see the New Testament applications as well.
1 Corinthians 3:13-15, describes how every man's work shall be tried by fire. Not the same as the man himself being "baptized in fire," but if you've ever really poured yourself into something I think it's pretty easy to see this as being close to the same thing.
1 Peter 4:12-13, speaks of the "fiery trials" that the believer will inevitably go through...
"think it not strange concerning the fiery trial..."
The early Pentecostal movement was predicated upon a very strong desire among its adherents to be able to "do more" and to "experience more" of the presence of God. Since God's presence is sometimes compared to a "consuming fire" (
Deuteronomy 4:24,
Deuteronomy 9:3 and
Hebrews 12:29) being close to or even being "immersed" in the presence of God might be considered a "baptism of fire" by many.