Lyric discussion by OddInterprets 

Cover art for The Pit lyrics by Silversun Pickups

This song is obviously about drugs and the ruined lives of several teenagers who were stupid enough to submit to whatever it was that gave them an addiction and took over their lives. As @nomadakza said, there is an interview about how an old book about a twisted teenage hangout of some sort influenced the song. This gives a lot of evidence of what it is about.

"I’m marching through the branches in a fit of wanderlust To see you in a black hole reaching out for something just Silhouettes of neighbors dancing in disgust"

This omnipresent singer sees this young person reaching for drugs to take his mind off of pain they feel (hence it's something "just"). He is telling this person about how disgusted his neighbors would be to hear of his position in involvement with drugs, and yet he is aware this person will continue.

"I’m sure you recognize my noise and you heard about the Pit Been told to be afraid of everything that lives within But it’s much worse where you are So will you go for it?"

Pretty much everyone teen has heard about drugs and the bad things associated with it, and how you should fear them, etc. But now that this teen is taking drugs, they're living the fears they've been told about, and the singer is asking if they'll keep going deeper into this addiction with the information they already knew.

"Somebody somewhere Will clean out your wounds With dirty fingers We’ll bury the lie"

If anyone finds out this person is taking drugs, they would be in serious trouble. Anyone trying to help would be cleaning out the wounds "with dirty fingers," meaning they're involvement would increase the deep depression or problem the teen is feeling, and putting them deeper into the pit; in more trouble, and maybe in a place to do even more drugs, as the addiction has picked up pace. So he must bury the lie.

"Now we tumble down a hill to a fire with a crowd The flicker becomes thicker as we bottom out The residents don’t even notice the sudden shouts"

This shows the realization that the society of others around the same age as this victim are almost all in as much trouble with mental disorders, bad influences, drugs, etc. and they don't even realize this young man's trouble, as they have their own issues to solve.

"When your eyes can adjust and you see what’s in view Discolored and distempered smiles that seen you Do you realize we were all once like you?"

I think this is very interesting. It is kind of a side note, showing that everyone starts innocent, and in denial that they could possibly end up in such a bad place in the future; but it happens, and as it continues a realization comes that life is very dark, and the situation is inescapable. They're in a heavily populated pit of teenagers who have ruined their own lives.

"We can talk about it later But I think you’ve given in We can talk about it later But I think you’ve given in"

The negative truth: Most people with drug addictions don't end up so well in the end, and so the singer eerily presents this fact, and shows how big of a trouble the teenager is in (as well as his peers), ad they ares stuck in the pit they never thought they would end up in, and probably won't escape.

My Interpretation

@OddInterprets you sound very worried about drug addiction. There could be a number of risky behaviors or addictions (not drug focused) that you could substitute with no reasonable logic concern.

Sometimes the vagueness of a song helps it to find application for lots of listeners, and I applaud the artist for letting that happen.

Great song!