It could be something like that though the evidence leans slightly more to Wells being the real Reverse-Flash - recall the Multiplex episode where Wells steps out of his chair and appears to vibrate his hand into Simon Stagg's chest.
As I said above I am convinced this is a play on Wally West's 'Return of Barry Allen' storyline, Reverse-Flash/Wells is orchestrating a two-tier campaign to diminish the Flash's stature by destroying Barry Allen's self-esteem and confidence, all the while manipulating events to create the Tachyon device so he can return to his own time. Barry is not yet aware of his own potential due to Reverse-Flash's destroying his parents and childhood, as he says throughout the sries and particulary at the end of the last episode he lacks self-confidence, he is afraid of travelling beyond his Central City confines, he is blocking his own inner ambition as he is afraid... by meddling with history the Reverse-Flash made him a lesser hero than he should have been.
Another theory is that Reverse Flash is tormenting Barry to get Barry to man up as it were and become the hero that the future will need.
Every hero needs a villain. especially a villain that knows the hero enough to screw with their head as well as launch evil schemes.