para-vyoma-madhye - within the spiritual sky; kari' - making; svarūpa prakāśa - manifesting His identity; nārāyaṇa-rūpe - the form of Lord Nārāyaṇa; karena - performs; vividha vilāsa - varieties of pastimes.

In the Vaikuṇṭha planets of the spiritual sky the Lord manifests His identity as Nārāyaṇa and performs pastimes in various ways.