What does Peter mean by the tradition received from your fathers?
Peter means the inherited traditions and religious customs of Judaism and the Old Testament economy passed down from Jewish fathers. Those traditions formed a vain manner of life and could not redeem anyone; redemption comes only through the precious blood of Christ, the unblemished Lamb.
Les explains that because Peter is a Jew writing to Jews, the “tradition received from your fathers” refers to the traditions of Judaism and the Old Testament economy. It describes the inherited, vain conversation from which they were not redeemed by corruptible things like silver and gold. Instead, redemption came through the precious blood of Christ, a lamb without blemish and without spot, ordained before the foundation of the world and manifest in these last times. Les stresses that Christ’s blood is the price of redemption and cannot be bypassed.
Forasmuch as ye know that ye were not redeemed with corruptible things, as silver and gold, from your vain conversation received by tradition from your fathers;
But with the precious blood of Christ, as of a lamb without blemish and without spot: