bhavan -- Your good self; hi -- certainly; karanam -- the cause; tatra -- in that matter (the removal of illusion); sarva-jnah -- the knower of everything; jagat-isvarah -- the supreme controller of the universe; anugraham -- favor; nigraham -- punishment; va -- or; manyase -- (whatever) You consider; tat -- that; vidhehi -- arrange; nah -- for us.

O Lord, since You are the omniscient Lord of the universe, You are the actual cause of freedom from illusion. Please arrange for us whatever You consider proper, whether it be mercy or punishment.