Whoever sees the Dhamma as it is, with radical discernment, that one is freed from all bonds, released from all suffering.

Yathā-bhūtaṁ — as it really is. Not as we wish it to be, not as we fear it to be, but as it is. This neutral vision is vipassanā — penetrating vision.

Sabbaganthi-mutto — freed from all bonds (gantha). The bonds are four: greed, ill will, conceit, and ignorance. Seeing the Dhamma cuts all at once.