। ॥ ३ ॥
In plain words
He rides the peacock. He is what the mahāvākyas keep hidden. His form takes the mind captive; the hearts of the great are the house he lives in. God of the gods who walk this earth, the whole import of the great Vedas, Śiva's own boy — guardian of the worlds: him I worship.
Close to the Sanskrit
Him who is mounted upon the peacock, who lies hidden in the great utterances, whose body captivates the mind, whose dwelling is the heart of the great, the god of the gods of the earth, the very purport of the great Vedas, the child of Mahādeva — him, the guardian of the worlds, I worship.