O believers! Retaliation is prescribed for you in the cases of murder: a free man for a free man, a slave for a slave, and a female for a female. But if anyone is pardoned by his aggrieved brother, then bloodwit (a ransom for manslaughter) should be decided according to the common law and payment should be made with gratitude. This is a concession and a mercy from your Lord. Now, whoever exceeds the limits after this, shall have a painful punishment.
Meaning:-
Aggrieved: wronged, offended, injured, troubled, worried, disturbed or unhappy.
bloodwit:money or some sort of compensation paid by an offender, usually a murderer, or their family group, to the family or kin group of the victim.
Concession: compromise, allowance, exception
Simplified Breakdown:- O believers! In the event of murder, you are commanded to take revenge: a free man for a free man, a slave for a slave, and a female for a female. In the event that someone is pardoned by their brother who feels wronged, bloodwit (a ransom for manslaughter) should be decided based on common law and paid with appreciation. Your Lord is offering a concession and mercy. If someone exceeds the limits after this, they will face a painful punishment.