Such an interpretation of this text runs in direct opposition to the universal testimony of Holy Scripture regarding the death and redemptive work of our Savior (Isa. 53:8-10; John 10:11, 15, 16, 26; 17:9, 20; Rom. 3:24-26; 8:31-34; II Cor. 5:21; Gal. 3:13; Eph. 1:7; 5:25-27; Col. 2:14; II Tim. 1:9-10; Heb. 1:3; 9:12; 10:5-14; I Pet. 1:18-20; 2:24; 3:18; Rev. 1:5, 5:9).
The subject being discussed in this passage is not the redemptive work of Christ, but false teachers. Only a deliberately dishonest man would take a statement found in II Peter 2 and use it to denounce the biblical doctrine of particular, effectual redemption clearly taught in such passages as Isaiah 53, John 10, and Romans 8. No scripture is of any private interpretation (II Pet. 1:20). Honesty compels honest people, when studying any doctrine of Scripture, to build their doctrine, not on isolated passages chosen at random, but upon those passages where that doctrine is taught.
What then does this statement, "the Lord that bought them," mean? It means that Jesus Christ, by virtue of his obedience to God as our Substitute, is the sovereign Lord, Master, absolute Despot of the universe (John 17:2; Rom. 14:9). He has bought the right to rule all men and all things by his blood; and he does! Even reprobate false teachers belong to Christ. He did not redeem them out from under the curse of the law, as he did God's elect (Gal. 3:13); but he bought them as well as the demons of hell to rule over and dispose of as he will for the salvation of his people. Christ our Savior is Lord of all, even of his foes! Therefore, his redeemed ones are kept secure (II Pet. 2:9; John 10:28-30).