Lyric discussion by fleepss 

Cover art for I Could Have Lied lyrics by Red Hot Chili Peppers

In the context of what i'm living right now, this interpretation seems to make sense:

He used to love this girl but the feelings have run dry. He was debating whether to let her go, and in his heart he knew that was what he had to do. He eventually told her truth, and she left him. She still loved him and he still had a connection to her so it obviously hurt them both, but its what he had to do.

So basically about telling someone its over.

My Interpretation