Perovskite NCs such as CsPbBr3 have numerous uses. Most involve exploiting their light emission and are motivated by their defect tolerance and large, as-made emission quantum yields. Absent, though, is a fundamental understanding of perovskite NC emitting states, central to these applications. Of particular note are observations of near-universal, size-, temperature-, and composition-dependent absorption/emission Stokes shifts where observed energy differences are between absorbing and emitting states.Very little is known about the origin of these shifts. Moreover, little is known about the exact identity of the emitting state. This is to be contrasted to more conventional NCs such as CdSe where band edge exciton fine structure quantitatively accounts for both global and resonant Stokes shifts, with emission emerging from a dark exciton. Although similar perovskite NC fine structure might account for their shifts, both theory and experiment predict bright/dark fine structure splittings easily an order of magnitude too small to account for experiment.We now propose that perovskite NC emitting states are polarons, which result from the lattice accommodation of photogenerated charges. Polaron binding energies and lifetimes are, in turn, suggested to be the origin of observed size-, temperature-, and composition-dependent absorption/emission Stokes shifts and excited state lifetimes. This represents a significant departure from more conventional descriptions of NC band edge states, which exclusively involve exciton fine structure and dark exciton emitting states.