This finger-picked folk-pop track shines a spotlight on Olivia Rodrigo's obsession with a girl named Lacy. Rodrigo portrays Lacy as an exceptionally beautiful girl; her feelings toward her are a complex mix of admiration, bitterness, and envy.

In the first verse, Rodrigo paints a picture of Lacy's allure, describing her delicate skin as "like puff pastry" and her eyes as radiant and daisy-like. Lacy's presence triggers insecurity in Rodrigo, leaving her feeling "not doin' well" whenever she contemplates her. The chorus likens Rodrigo's emotions to the lingering scent of "perfume that you wear" and the experience of a "sweet torture." This suggests a profound emotional entanglement that is both pleasurable and painful. By the outro, Rodrigo is filled with resentment and self-loathing. Her obsessive infatuation has become a destructive force in her life, driving her to bitterness and unhealthy fixation.

Rodrigo has sung before of grappling with deep-seated feelings of inadequacy. In her 2021 Sour track "Jealousy, Jealousy," she lays bare her inner struggles: Got a pretty face, a pretty boyfriend, too I wanna be you so bad and I don't even know you All I see is what I should be Happier, prettier, jealousy, jealousy This theme of comparison and insecurity continues on the hidden track "Obsessed," found on the red vinyl edition of Guts. Here, Rodrigo can't help but fixate on her partner's ex-girlfriend: I've seen every movie she's been in and, oh God, she's beautiful And I know you love her and I know about her But I can't help it, no, I can't help it