"banana or pineapple"
Translation:ka maiʻa a i ʻole ka hala kahiki
Pololei ʻoe. You're right, ʻole does have a sense of "no" or "not". One way to think about the phrase "a i ʻole" is "and if not".
"ka maiʻa a i ʻole ka hala kahiki" could be read like "the banana, and if not, the pineapple", which is somewhat similar to "the banana or the pineapple"