Lyric discussion by MakesmeSmile 

Cover art for Balaclava lyrics by Arctic Monkeys

Okay. heres my take.

with the balaclava on (a face mask), you can be who ever you want. It gives you a rush. you can pull her from a burning building and be the hero, or throw her to the sharks and be the villain

but in the end, he just wants the girl! so he has her... but he doesnt want to show her who he really is. :) simple as that.