The Kawazumi-Zhang invariant $varphi$ for compact genus-two Riemann surfaces was recently shown to be a eigenmode of the Laplacian on the Siegel upper half-plane, away from the separating degeneration divisor. Using this fact and the known behavior of $varphi$ in the non-separating degeneration limit, it is shown that $varphi$ is equal to the Theta lift of the unique (up to normalization) weak Jacobi form of weight $-2$. This identification provides the complete Fourier-Jacobi expansion of $varphi$ near the non-separating node, gives full control on the asymptotics of $varphi$ in the various degeneration limits, and provides a efficient numerical procedure to evaluate $varphi$ to arbitrary accuracy. It also reveals a mock-type holomorphic Siegel modular form of weight $-2$ underlying $varphi$. From the general relation between the Faltings invariant, the Kawazumi-Zhang invariant and the discriminant for hyperelliptic Riemann surfaces, a Theta lift representation for the Faltings invariant in genus two readily follows.
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