The term 'Vain Fancy' can be broken down into two crossword solutions, CHIMERA (7 letters) and DREAM (5 letters). CHIMERA is a mythical creature composed of parts from multiple animals, often seen as a symbol of vanity and foolishness. DREAM is an experience that occurs during sleep, often associated with the imagination and creativity. Together, these two words represent the idea of a vain fancy, which is an unrealistic or impractical idea or ambition.