Easton's Bible Dictionary: M. G. Easton, M.A., D.D.
The price or payment made for our redemption, as when it is said that the Son of man "gave his life a ransom for many" (Mt. 20:28; comp. Acts 20:28; Rom. 3:23, 24; 1 Cor. 6:19, 20; Gal. 3:13, 4:4, 5; Eph. 1:7; Col. 1:14; 1 Tim. 2:6; Tit. 2:14; 1 Pet. 1:18, 19. In all these passages the same idea is expressed). This word is derived from the Fr.rancon; Lat.redemptio. The debt is represented not as cancelled but as fully paid. The slave or captive is not liberated by a mere gratuitous favour, but a ransom price has been paid, in consideration of which he is set free. The original owner receives back his alienated and lost possession because he has bought it back "with a price." This price or ransom (Gr.lutron) is always said to be Christ, his blood, his death. He secures our redemption by the payment of a ransom.