(From Easton's Bible Dictionary)
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" (Matthew 20:28; Compare Acts 20:28; Romans 3:23,24; I Corinthians 6:19,20; Galatians 3:13; 4:4,5: Ephesians 1:7; Colossians 1:14; I Timothy 2:6; Titus 2:14; I Peter 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. (See REDEMPTION .)
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