Since Olivia Rodrigo's "Lacy" features several nods to the titular character's beauty, many believe the song is about Rodrigo coming out as queer. The first lines of the track, "Lacy, oh, Lacy, skin like puff pastry," allude to a physical attraction to the song's muse. Lacy is so gorgeous that Rodrigo believes she can't possibly be human and must be made of angel dust. She also seems to notice little things about Lacy like the scent of her lingering perfume and how her eyes look like daisies.
Rodrigo describes the sweet torture of being unable to escape Lacy as she runs into her everywhere, takes over her thoughts, and eventually becomes an obsession. These lines could hint at Lacy being a famous personality. To portray her nervous longing for Lacy, Rodrigo sings about how she makes butterflies flutter in her stomach "like ribbons in your hair, my stomach's all in knots."
But the outro describes how Rodrigo cannot grapple with how Lacy makes her feel. In the context of this explanation, it could either mean that Rodrigo cannot accept her feelings for Lacy because they're so new or Lacy is unattainable, so all this longing could break her heart. In the song's final lines, Rodrigo seemingly openly admits that she has feelings for Lacy, singing, "And I despise my jealous eyes and how hard they fell for you."
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