I know we both shared a past
Acknowledging that both parties have experienced difficulties in the past.

Of regrets and scars (regrets and scars)
Elaborating on the types of difficulties, specifically feelings of regret and emotional wounds.

But we can leave it behind
Expressing hope that those past difficulties can be moved past.

And just run away far (run away)
Proposing a solution of physically distancing oneself from those past difficulties.

We'll let the moon and the stars
Indicating use of celestial bodies as guides for direction and an added layer of romanticism.

Show us where we are tonight (tonight)
Reflecting on a sense of temporary escape from reality to be in the moment.

I know we both like to laugh
Asserting knowledge of both parties' mutual enjoyment of laughter.

Just like everyone else (everyone else)
Suggesting that laughter is a universally enjoyed experience.

I know it seems like the world
Acknowledging the presence of external barriers to experiencing joy.

Wants to take that away
Implying that these external barriers aim to remove joy.

So grab a hold of my hand
Posing a solution of holding hands as a form of comfort and support.

And we can leave this place tonight (tonight) (ay, ay)
Reiterating the previous solution of temporarily escaping from reality to be in the moment with a sense of urgency.