Lyric discussion by Strmchaser 

Cover art for Dance With The Devil lyrics by Breaking Benjamin

It seems to be that this song is about a bad relationship coming to an end. The guy is making a last-ditch effort to get his partner on the right track.

Dancing with the devil, in this song, gives me the impression of an event that has no good outcome. His partner has created a world of lies and he has had enough of it. He still sees some hope, though, and pleads for her to make the right choice. Looking the "devil" in the eyes would mean that his efforts have failed, and she will be consumed by whatever it is that is contributing to their hell.

I hope that makes sense