Jesus describes Lazarus as being taken to Abraham's bosom, which is simply the human breast, with the arms as an enclosure. His words depict a loving embrace, suggesting an intimate relationship. Lazarus, therefore, comes into an intimate relationship with Abraham and receives salvation (Galatians 3:29). Since Lazarus had given himself to Christ, he became one of Abraham's spiritual children and an heir to the promises of God (Galatians 3:7).
The "bosom" metaphor occurs frequently in Scripture. God will care for His people as a shepherd for his sheep, carrying them "in his bosom" (Isaiah 40:11). Jesus was "in the bosom" of the Father (John 1:18), enjoying His blessings and close relationship. Moses carried the children of Israel in his bosom (Numbers 11:12). Lazarus had gained such intimacy with Abraham, while the Pharisees, who considered themselves to be the recipients of God's promises to Abraham, had not.
Martin G. Collins
Parable of Lazarus and the Rich Man (Part One)