Lyric discussion by Polygraph 

Cover art for With Lights Out lyrics by Red Light Company

I don't feel like figuring out the rest of the song, but something that jumped out to me is

"Falling down the lighthouse Still I found your little toy soldier Buried under"

The singer is finding himself (after a breakdown - "falling down the lighthouse"), and coming to grips with the fact that he lied to, presumably, his girlfriend.

Which connects with

"Its a heavy old lie Ceremony break down everytime Bells keep ringing out loud and rhyme Hearts beats faster, every breathe gets stronger"

His lie was told some time ago, and, like with the falling down the lighthouse, the ceremony break down is just a breakdown. "Bells keep ringing out loud and rhyme" The guy could be a schizophrenic, and bells are the voices in his head, reminding him of his lie. "Hearts beat faster, every breath gets stronger" Some of his different voices are getting more worried and panicked, including his real voice.

That's it. May do the rest later. May not. Great song.

Song Meaning