na - not; vā - either; ayam - this; brahma-bandhuḥ - Vāmanadeva, in the form of a brāhmaṇa; viṣṇuḥ - He is Lord Viṣṇu Himself; māyāvinām - of all cheaters; varaḥ - the greatest; dvija-rūpa - by assuming the form of a brāhmaṇa; praticchannaḥ - is disguised for the purpose of cheating; deva-kāryam - the interest of the demigods; cikīrṣati - He is trying for.

“This Vāmana is certainly not a brāhmaṇa but the best of cheaters, Lord Viṣṇu. Assuming the form of a brāhmaṇa, He has covered His own form, and thus He is working for the interests of the demigods.