Jungle told NME about the song's meaning: "Probably the most emotional song on the album for me," they said. "It's about watching Bon Iver in his cabin in the woods, sitting in a rocking chair, on this mad trip, imagining this woman climbing out of the lake."
"It was the last song we wrote for the record but the title's been knocking around for aaaaages," they added, "it's named after a level from (online game) Candycrush for some reason."
Jungle's Tom McParland told Q magazine: "When we're looking at starting points for tracks we don't really think in musical terms. It's often more a visual reference or a place where you might imagine a song being played. Or even a word. 'Lemonade Lake' was just a title we wrote down and kind of explored from there. We're usually trying to create little soundtracks for films, even if they're only in our heads."