The Rich Man and Lazarus story follows right along in the same discourse as the parables of the coin, sheep, and son. So, it is probably a safe bet that it is (again) a reference to the unbelieving Jews. The rich man represents the Jews, rich in spiritual blessings - the Law, the prophets, the Temple, etc. etc. etc. Lazarus is the poor gentiles, having to scrape by with whatever scraps of spiritual knowledge they can glean from the Jews' leftovers.
But, SURPRISE, when they both die it is the poor gentile who is saved and not the Jew who enjoyed all the spiritual blessings of an heir of Abraham, but ignored the Messiah when He appeared. As Jesus says "they will not be convinced even if someone rises from the dead."
Since this is an unsaved, unrepentant person that is condemned it looks like he is stuck there with no "get out of hell free" card.