(… لَّا تُدْرِكُهُ الْأَبْصَارُ) (Vision perceives Him not, …): The vision is a tool for perception which is subjected to laws. The Arabic word of (Perception) brings the meaning of being encircled. Thus, it means that you will not be able to see Allah (swt) in this worldly life, because even if you could perceive Him, you would put limits to Him, whereas the All-Powerful will never be overpowered.

(… وَهُوَ يُدْرِكُ الْأَبْصَارَ… ) (…but He perceives [all] vision;…): For He is the Creator of all vision. Allah (swt) encompasses all things. He encompasses all people and all vision. Since sight is basically a tool which is subjected to laws, you can only see up to a specific distance. However, if the thing in front of you were to be separated by a great distance from you, you would not be able to see it, although it exists. Also, sight consists of light rays which are reflected from the object which you are looking at, thus you can see it, as long as it is within the boundaries of its laws. Accordingly, no vision can encompass Allah (swt).

 (  وَهُوَ اللَّطِيفُ الْخَبِيرُ… ) (…and He is the Subtle, the Acquainted): Allah (swt) is Gentle upon His servants. When you call upon Him, He responds to you. When you go to Him, He shelters you. When You love Him, He brings you close. When you obey Him, He suffices you.  When you turn away from Him, He calls you. When you lend Him of His Wealth, He grants you health. All that has been described here is just a part of His Divine Gentleness which can be found in both His giving and His preventing.

O Allah, we do not ask of You to stop what has been decreed, but we ask of you to be gentle upon us in it.

This is the meaning of: He is the Subtle, the Acquainted.

The first part of the verse, (Vision perceives Him not,) is linked to the first part of the ending, i.e., no vision can encompass Him, because He is (The Most Subtle). Whereas the second part of the verse, (but He perceives [all] vision;) is linked to the second part of the ending, i.e., He encompasses all vision, because He is (The All-Aware).