Lyric discussion by casual_observer 

Cover art for Paranoid Eyes lyrics by Pink Floyd

I'm pretty sure the song is about how he trys to disguise the fact that he suffers from paranoia. He dons his disguise and puts up his defences and goes out to the pub and pretends to be happy and normal, hiding from everyone the fact that he is actually petrified and paranoid. The song sounds happy at first, but by the end it is clear that the happy atmosphere is fake and represents the act he puts on while he is out.