Hmmm......that's a tricky one! Well, first you would need to have a large enough balloon that can fit an elf comfortably inside. Then you would need to find a way to lure the elf into the balloon without them noticing what's happening. You could try using some tasty treats as bait, or maybe even a fun game to play inside the balloon. Once the elf is inside, you could use a pump or air compressor to inflate the balloon and lift the elf into the air. Just be careful not to let the balloon fly too high, or the elf may get cold or scared!