And now, I know that I was wrong
You never really cared for me all along
And with you, every dream I had
Was all it ever was, ain’t that the fact?
So I hold my head deep in my hands
I’m lost at sea, no sign of land
I never knew what love could cost
No-one could know how much I’ve lost
I can’t go on now that you’re gone
There’s nothing left inside
I’ll never understand why you had to lie
It’s not enough to say you love
And then just say goodbye
I’ll never break these chains, there’s nowhere to hide
Why did you have to lie?
And now, when every hope has gone
I’ve got to find the strength to carry on
Alone, much more than before
I’ve given everything, there’s nothing more
So I hold my head deep in my hands
I’m lost at sea, no sign of land
I never knew what love could cost
No-one could know how much I’ve lost
I can’t go on now that you’re gone
There’s nothing left inside
I’ll never understand why you had to lie
It’s not enough to say you love
And then just say goodbye
I’ll never break these chains, there’s nowhere to hide
Why did you have to lie?
Why does it hurt so much
When there’s nothing I can do?
Why do I hate myself
‘Cause I can’t stop loving you?
Now my life is empty
All I have is pain
I can’t forget you
Why couldn’t you have stayed?
Why did you have to lie?
You never really cared for me all along
And with you, every dream I had
Was all it ever was, ain’t that the fact?
I’m lost at sea, no sign of land
I never knew what love could cost
No-one could know how much I’ve lost
There’s nothing left inside
I’ll never understand why you had to lie
And then just say goodbye
I’ll never break these chains, there’s nowhere to hide
Why did you have to lie?
I’ve got to find the strength to carry on
Alone, much more than before
I’ve given everything, there’s nothing more
I’m lost at sea, no sign of land
I never knew what love could cost
No-one could know how much I’ve lost
There’s nothing left inside
I’ll never understand why you had to lie
And then just say goodbye
I’ll never break these chains, there’s nowhere to hide
Why did you have to lie?
When there’s nothing I can do?
Why do I hate myself
‘Cause I can’t stop loving you?
All I have is pain
I can’t forget you
Why couldn’t you have stayed?

I think this is about two lovers who have ended their relationship together, because the narrator has found out that he (Faye is the narrator, so the liar would be a boy) has been telling lies, hence the lyric "why did you have to lie?".