13 Illness and pain stand by metonymy (or perhaps as metaphors) for sin and its effects, as vv. 11–12 make clear.
14 The words “for something he had done” are supplied in the translation for clarification. The group now realizes he suffered because of his identification with them, not simply because he was a special target of divine anger.
15 The preposition מִן (min) has a causal sense (translated “because of”) here and in the following clause.
16 Heb “the punishment of our peace [was] on him.” שָׁלוֹם (shalom, “peace”) is here a genitive of result, i.e., “punishment that resulted in our peace.”
17 Continuing to utilize the imagery of physical illness, the group acknowledges that the servant’s willingness to carry their illnesses (v. 4) resulted in their being healed. Healing is a metaphor for forgiveness here.

In other versions

ESVEnglish Standard Version

Surely he has borne our griefs

and carried our sorrows;

yet we esteemed him stricken,

smitten by God, and afflicted.

But he was pierced for our transgressions;

he was crushed for our iniquities;

upon him was the chastisement that brought us peace,

and with his wounds we are healed.

NIVNew International Version (2011)

Surely he took up our pain

and bore our suffering,

yet we considered him punished by God,

stricken by him, and afflicted.

But he was pierced for our transgressions,

he was crushed for our iniquities;

the punishment that brought us peace was on him,

and by his wounds we are healed.

CSBChristian Standard Bible

Yet he himself bore our sicknesses,

and he carried our pains;

but we in turn regarded him stricken,

struck down by God, and afflicted.

But he was pierced because of our rebellion,

crushed because of our iniquities;

punishment for our peace was on him,

and we are healed by his wounds.

NLTNew Living Translation

Yet it was our weaknesses he carried;

it was our sorrows that weighed him down.

And we thought his troubles were a punishment from God,

a punishment for his own sins!

But he was pierced for our rebellion,

crushed for our sins.

He was beaten so we could be whole.

He was whipped so we could be healed.

LEBThe Lexham English Bible

However, he was the one who lifted up our sicknesses,

and he carried our pain,

yet we ourselves assumed him stricken,

struck down by God and afflicted.

But he was pierced for our transgressions,

crushed because of our iniquities;

the chastisement for our peace was upon him,

and by his wounds we were healed.

KJV 1900King James Version

Surely he hath borne our griefs,

And carried our sorrows:

Yet we did esteem him stricken,

Smitten of God, and afflicted.

But he was wounded for our transgressions,

He was bruised for our iniquities:

The chastisement of our peace was upon him;

And with his stripes we are healed.

Public Domain