Overall meaning : If two parties of believers fight each other, make peace between them. If one of them rejects reconciliation while the other accepts it, then fight the aggressing party that rejects reconciliation until it submits to Allah’s law and judgement. If it complies with Allah’s command, then make peace with them with justice, and be fair; for Allah loves those who are fair and just.
The believers are but brothers in faith. Make peace, therefore, between fellow believers if they fall to fighting, and fear Allah so that you may receive His mercy.