There are no dynamic or baked lights in Brace the Swarm. Instead, the illusion of light is given through the use of shaders. For example, when a light is constructed a texture map in an overlay shader is updated to reflect the new light source and its area of influence. This process works well because lights in BTS are updated fairly infrequently, and dynamic lights are expensive to process.
Other aspects, like chasms in the terrain, are also defined using similar greyscale maps in a ground shader. You can see examples of both maps below.