Lyric discussion by Alastair 

Cover art for I Found Out lyrics by Pigeon Detectives, The

quite a personal interpretation maybe but:

I think it could also be about loosing a girl and then finding out she's got someone new. (which is what i found out yesterday) and today i bought the album (not knowing this song or most of the other ones) and now i'm blasting my ears with this song at full blast and i think its effin great just like the rest of the album.

To get back to the point i think he means that he feels like he just isn't good enough anymore and that someone supposedly better has taken his place and has what he wants most.