in contact with sat (reflection of Atman consciousness)
मात्रादि रूपेणmātrādi rūpeṇa
in the form of knower, known and knowledge
धीःdhīḥ
the intellect
विजृम्भतेvijṛmbhate
moves unbridled
यतःyataḥ
Because
एतत् त्रितयंetat tritayaṃ
this group of three
तत् कार्यम्tat kāryam
(which) is the result of that (intellect in contact with Atman)
दृष्टंdṛṣṭaṃ
is seen
मृषाmṛṣā
as unreal
भ्रम–स्वप्न–मनो–रथेषुbhrama–svapna–mano–ratheṣu
in delusion, dream and in day–dream
Translation
The intellect operates unbridled in the form of knower, known and knowledge because of reflection of Atman consciousness on it, just as iron (is said to be hot) in contact with fire. These three, which are the result of the intellect (reflecting Atman consciousness) are seen as unreal in the case of delusion, dream and day–dream.
Annotation
The triad of knower, known and knowledge is only prior to realisation of the Self. These three disappear when the Self is realised (Jagadguru).