The lemma appears to be a two-word phrase in the accusative singular, evidently quoted from somewhere. It is the same in Photius (phi4 Theodoridis), and also in Appendix Proverbiorum 5.1l; but in Hesychius fae/qonta is the headword, and to/kon e)pifanh= kai\ kataplhktiko\n th=| proso/yei is the gloss. If the latter version is correct, perhaps *fae/qonta is the proper name Phaethon.
For Phaethon as a planet, see epsilon 2824; for the adjective, see phi 16 (and kappa 1380).