Lyric discussion by DaBears54 

Cover art for The Fever lyrics by Academy Is..., The

I think it's about a relationship that's ended or is on the rocks. She's lying to him and he is calling her bluff. The part when he says "we don't believe this is the last time" may have something to do with there is some future for them. Maybe a friendship of some kind but it's not the last time they'll cross paths