भोक्त्रा बहिर्यथा भोग्यः सर्पो दृषदि कल्पितः ।रूपशीलादयश्चात्मभोगा भोग्यस्वरूपकाः ॥ ४९ ॥
In plain words
The one who experiences puts a snake on a stone and then meets it out there, outside himself, as something to be experienced. Beauty, character, and all the rest are the same: the self's own experiences, and object through and through.
Close to the Sanskrit
Just as, by the experiencer, a snake — an object of experience — is imagined outside, upon a stone, so also form, character and the rest, the self's experiences, have the nature of objects of experience.