In this paper, a model of cavitational luminescence (CL) and sonoluminescence (SL) is developed. The basis of the model is the PeTa (Perel'manTatartchenko) effect-a characteristic radiation under first-order phase transitions. The main role is given to the liquid, which is where the cavitation occurs. The evaporation of the liquid and subsequent vapor condensation inside the bubble are responsible for the CL and SL. Apparently, the dissolved gases and other impurities in the liquid are responsible for peaks that appear at the background of the main spectrum. They most likely are excited by a shock wave occurred during cavitation. The model explains the main experimental data. Thus, no mystery, no plasma, no Hollywood.