There are several perspectives bearing on the issue.
Samaritan Pentateuch
Instead of the word תְבַעֲר֣וּ found in the Masoretic Text, the Samaritan Pentateuch instead understands the word to be תַבְעִירוּ, which is the first person plural of the same Hebrew verb, but in the hifʿîl (imperfect). Since the context is Moses speaking to the people, the reading would be, “We are not to extinguish fire in your dwellings on the Sabbath Day.” Although this reading appears awkward in both English and Biblical Hebrew, the verse would be consistent with Leviticus 6:4, which commands that the fire of the tabernacle never be extinguished.
Babylonian Talmud
The Babylonian Talmud addresses this very verse at great length (see for example, Yevamoth, Folio 6B and Folio 7a or Sanhedrin, Folio 35B and Folio 36A). That is, the Talmud accepts the reading of the Masoretic Text, which is that fires will not be ignited on the Sabbath (under certain circumstances).
Jerusalem Talmud
The best Talmudic summary on this question appears in the Tractate Beitzah of the Talmud Yerushalmi, which is the tractate concerning festivals; in this regard, this Talmud also accepts the reading of the Masoretic Text, which is that fires will not be ignited on the Sabbath (under certain circumstances).
Mekilta de-Rabbi Ishmael
The the Mekilta de-Rabbi Ishmael is a classic collection of halakhic midrash to the Book of Exodus. This midrash compilation accepts the reading of the Masoretic Text, which is that fires will not be ignited on the Sabbath (under certain circumstances).
Conclusion
In summary, oral tradition leans toward the reading that the word תְבַעֲר֣וּ found in the Masoretic Text means do not ignite fire on the Sabbath (under certain circumstances).