In the first stanza of the poem, the speaker addresses another person conversationally. As a form of introduction, she identifies herself as "Nobody," capitalizing the word as if it is a proper name. She then asks the addressee if they is "Nobody" too. She asks hesitantly, as indicated by the em dashes:

Are you—Nobody—too?

In the second part of the first stanza, the speaker has apparently received an affirmative answer, and her hesitancy has turned to happiness and enthusiasm, as suggested by the series of exclamation points. She feels a sense of kinship with the other person, saying they are a "pair" and warning her partner not to tell anybody. Because they are nobodies and want to remain that way, their setting is invisible.

All of this helps us perceive the setting of the first stanza as two people meeting for the first time. Nobody else is around and they establish a sense of kinship, wherever they are.

In the second stanza, the two individuals are still together and talking. One of them, however, pictures the setting of a bog in June, when the weather is warm and presumably all the insects and other summer creatures are out. Whoever is speaking likens being "Somebody" to being like a "Frog" croaking one's name out all the time to the other creatures and insects in the bog. This is an unflattering image of fame or prominence.