This verse, Exodus 21:34, is part of a series of laws dealing with property damage and personal injury. It outlines the responsibility of someone who creates or owns a pit that causes another person's animal to fall in and die. Let's break down the meaning:

"the owner of the pit shall make it good": This means the person responsible for the pit is obligated to compensate the owner of the dead animal for their loss. The responsibility falls on the pit owner, not just someone who might have accidentally walked by.

"He shall give money to its owner": This specifies that the compensation must be monetary. The pit owner has to pay the owner of the dead animal for the value of the animal.

"and the dead animal shall be his": This means that after paying for the animal, the pit owner then takes possession of the carcass. In other words, the pit owner owns the remains of the animal that died. This detail probably addresses the issue of potential benefit from the dead animal (e.g., its hide or meat), ensuring the pit owner, who has now paid for the animal, receives that benefit.

In essence, the verse establishes the following legal principle:

If you own a dangerous pit and someone else's animal falls into it and dies, you are liable for damages. You must pay the animal's owner its value, and in return, you get to keep the dead animal.

The verse reflects a legal system that seeks to:

Assign responsibility for negligence.
Compensate victims for their losses.
Prevent future incidents by incentivizing people to take precautions with potentially hazardous property.