Acharya Prashant explains that the three selves mentioned by Shri Krishna in the Bhagavad Gita represent the different possibilities and choices available to the ego. The first self is the highest possibility, often called the pure self or truth, where the ego is sublimated and free from duality. The second self represents the lower states of the ego where one remains stuck in fragments, falseness, and habitual patterns. The third self is the chooser—the 'I' that decides whether to ascend toward the highest potential or descend into lower states. He emphasizes that these are not separate entities but different potentials within the same individual, highlighting that one is truly their own friend or enemy based on the choices they make.