The song Pancho and Lefty is a ballad written by Townes Van Zandt, one of his most famous works and widely covered by various artists. The song tells the fictional story of two friends, Pancho and Lefty. Pancho is a Mexican bandit who ends up being betrayed and killed, while Lefty, the friend who betrayed him, lives with guilt and remorse for the rest of his life. The story reflects themes of betrayal, loss, and the irreversible consequences of o ... See more [+] ur choices.