Kyle Morris' brief explanation of the song:

“As a man walks through the crowd on his way to the gallows, he thinks of how he got there, what he’s become, and where, if anywhere, he’ll go once he reaches the end of the rope. ‘Bells’ is the ballad of the damned. It’s about how pain, shame, and the law of man are all things of this world that are stripped away in the light of the last real truth. That we must all meet Death as a friend or foe…naked, alone, and carrying all that we have done in this life.”

A lot of this is seen clearly within the lyrics of the song.