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; Comp. Acts 20:28; Romans 3:23, 24; 1 Corinthians 6:19, 20; Galatians 3:13; 4:4, 5: Ephesians 1:7; Colossians 1:14; 1 Timothy 2:6; Titus 2:14; 1 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.)
Noah Webster's New International Dictionary of the English Language
1. (n.) The release of a captive, or of captured property, by payment of a consideration; redemption; as, prisoners hopeless of ransom.
2. (n.) The money or price paid for the redemption of a prisoner, or for goods captured by an enemy; payment for freedom from restraint, penalty, or forfeit.
3. (n.) A sum paid for the pardon of some great offense and the discharge of the offender; also, a fine paid in lieu of corporal punishment.
4. (n.) To redeem from captivity, servitude, punishment, or forfeit, by paying a price; to buy out of servitude or penalty; to rescue; to deliver; as, to ransom prisoners from an enemy.
5. (n.) To exact a ransom for, or a payment on.