मयूरस्य peacock's, प्रिया beloved, वने in the forest, रक्षसा by the demon, न हृता not abducted, नूनम् surely, तस्मात् therefore, कान्तया सह along with its beloved, रम्येषु in delight, वनेषु in the forests, नृत्यति is dancing

'The peacock's beloved, for sure, has not been abducted by the demon. Therefore, he is dancing in delight in the forest in the company of his beloved.