Heaven, here’s a few of the modern translations and their interpretation. Note also the context of the verse. God will indeed bring disaster on his enemies. The word would be the opposite of "peace."
Isaiah 45:1 Thus says the LORD to his anointed, to Cyrus,
whose right hand I have grasped, to subdue nations before him and to loose the
belts of kings, to open doors before him that gates may not be closed: (Isa.
45:1 ESV)
Isaiah 45:7 I form light and create darkness, I make
well-being and create calamity, I am the LORD, who does all these things. (Isa.
45:7 ESV)
Isaiah 45:7 I am the one who forms light and creates
darkness; the one who brings about peace and creates calamity. I am the LORD,
who accomplishes all these things. (Isa. 45:7 NET)
Isaiah 45:7 I form light and create darkness, I make success and create disaster; I, the LORD, do all these things. (Isa. 45:7 CSBO)