Shabbir Ahmed in his QXP, which is not a literal translation, offers this explanation
2178
O You who have chosen to be graced with belief! The Law of Just Recompense (Qisaas) has been prescribed for you in dealing with murder. If a free person has committed murder, that free person will face the Law. If a servant has committed murder, that servant will face the Law. And if a woman has committed murder, that woman will face the Law. If the victim?s kin pardons the guilty, the murderer must be appreciative and pay an equitable compensation to the kin in handsome gratitude. This pardon is a concession and Mercy from your Lord. Whoever, after this, trespasses this Law will have an awful doom in the Court of God.