On the track, the first single off of Bassett's upcoming debut EP, the 20-year-old star sounds scorned as he sings about the deception -- fueling further fan theories about the track's possible real-life inspiration.
"I know what you said about me / I hope that it makes you happy / You can't seem to get me off your mind," Bassett croons in the chorus. "I know you're lying through your teeth / You told them the lies that you told me / I've had enough of it this time."
Bassett took to Instagram Stories on Wednesday to explain the origins of the new track, writing, "I wrote 'Lie Lie Lie' after I found out a friend had been lying about me behind my back for a long time. It always sucks to hear that someone you thought you could trust would throw you under the bus when it benefits them. It happens to all of us, and I think all you can do is seek out people that build you up rather than tear you down."
However, the lyrics seem to suggest a more intimate relationship, particularly on the bridge, when Bassett sings, "You've been lying to yourself / Lie to everyone else / Only thinkin' 'bout yourself / Darlin' what the hell?"
Rumors started swirling last week when Bassett's HSMTMTS co-star, Olivia Rodrigo, released her new song, "Drivers License," leading to fan speculation that the track was inspired by a real-life love triangle between Rodrigo, Bassett and Sabrina Carpenter.
Though the HSMTMTS co-stars never confirmed an off-screen romance, fans believe the pair previously dated, before breaking up last year. Rodrigo posted a TikTok about "failed relationships" in August, and specific lyrics from her new song -- possible references to driving lessons and Bassett's 2020 singles, "Not Right Now" and "Common Sense" -- seem to point to it having a connection to her co-star.
Bassett spoke with ET's Philiana Ng last fall about his new music -- which included an original song he wrote for the HSMTMTS holiday special -- and he shared how important songwriting was to him, and how it helped him through some major emotional moments during quarantine and before HSMTMTS started back up for season 2.
"It was very exciting to spend that time writing and learning a bunch about producing, and all that stuff, and put together my first body of work," he said. "It definitely helped getting through that time, that was a very difficult time for me, emotionally... I can write anywhere where I can have a guitar, so it's a pretty special thing to be able to do that, especially during this time."
See more on Bassett and Rodrigo's new music in the video below.