Internet hunting turned this up

Summary- the built-in bait mimics food.
"Anglerfishes attract their prey with a "fishing lure". The lure comprises a stalk - the illicium , Latin for "lure" or "inducement" and a bait - the esca. The "design" of the lure varies among genera.
In most species, the esca looks like potential prey, such as a worm, crustacean, or even a fish. The anglerfish moves the lure, mimicking the animal it is copying"
Also, a long quote about their light production:
"Animals which produce light directly are known as producing Bioluminescence. Anglerfish are different. They do not produce the light with their own bodies like fire flies, rather they have a unique relationship with bacteria called symbiosis, and the bacteria actually produce the light for the anglerfish. This symbiotic relationship is called bioluminesce.
This is how it works:
Bacteria produce light -> Prey for the Anglerfish are attracted to this light -> Anglerfish feed -> Bacteria receives nourishment and shelter -> Repeat
"