Lyric discussion by kingmcf2 

Cover art for Psycho lyrics by Breaking Benjamin

I feel the song is about the speaker accepting terms with themselves and giving in to their flaws and dark side. The speaker is letting the light inside them die and is allowing themselves to be consumed by the dark. “I am the daylight choking” and “I am the ember fading” could be seen as the person saying that the are relinquishing their good qualities and accepting their flaws. The “Psycho” being referred to could be an external or inter personality that is holding on to the speaker’s good nature. “Psycho, let go” the speaker is telling this entity to give up hope on the speaker and to hold on to hope for the speaker is crazy or “Psycho “

My Interpretation