I was all set to release an album titled Peripeteia. I thought the word aesthetically sounded beautiful and the meaning, reversal of reality, "the moment the hero realizes all he believes is untrue" (in greek tragedy), etc. seemed very fitting to many of the songs and some of my recent personal experiences. Unfortunately, another band released an album titled Peripeteia, how random! Can't believe someone beat me to it. Does anyone know any words that have the same sort of meaning?
Actually the definition you offer more closely matches Aristotle’s term anagnōrisis (ἀναγνώρισις), recognition, notably the recognition of the truth by the tragic hero: definition in Liddell-Scott-Jones lexicon here; usage in Aristotle’s Poetics 1452a here, where Fyfe translates anagnōrisis as “discovery” and peripeteia as “reversal.”