For the monk without impurities, whose mind does not arise without cause, who has gone beyond merit and demerit, for the awakened there is no fear.

Anāsavassa — without impurities (āsava): the three or four āsava are the currents or effluents that keep beings in the conditioned cycle: sensual desire, existence, wrong views (and ignorance in the fourfold classification). The arahant who has extinguished them is khīṇāsava — one who has exhausted their currents.

Anuppādā ca cetaso — whose mind does not arise without cause: the completely purified mind does not generate compulsive thought without basis. There is profound stillness, not inert emptiness but presence without agitation.

Puññapāpaṃ pahīnassa — who has abandoned merit and demerit: this is a verse of advanced liberation. The ordinary practitioner needs to cultivate merit (puñña) and abandon demerit (pāpa). But in final liberation even that duality is transcended: there is no longer anyone accumulating or avoiding, only pure action flowing without ego behind it.

Natthi jāgarato bhayaṃ — for the awakened there is no fear: jāgara is one who is awake, who does not sleep in unconsciousness. Without ego to protect, without illusions to defend, there is nothing to fear. Fear requires a “self” that can be harmed; where there is no fixed ego, there is no real fear.