Lyric discussion by thedouglas 

Cover art for La Belle Dame Sans Regrets lyrics by Sting

Well, bugmenot is closer than they think to the actual meaning. The song is really about France, but not specifically about their fine dairy products. It's about their above-ground nuclear testing.

France is the beautiful woman with whom the singer is dancing. She breaks his heart because while she is beautiful, she says and does horrible things seemingly just to anger him.

I'm not making this up, I read it in an interview when the album came out.