O People of the Scripture, there has come to you Our Messenger to make clear to you [the religion] after a period [of suspension] of messengers, lest you say, "There came not to us any bringer of good tidings or a warner." But there has come to you a bringer of good tidings and a warner. And Allah is over all things competent.
Interpretation 1: It is possible that the object being clarified is implied—namely, the religion and the laws—and it was omitted because the purpose for which the Messenger was sent (to clarify it) is evident.
Interpretation 2: It is possible that the object is "what you used to conceal," and it was omitted because it was previously mentioned.
Interpretation 3: No object is implied; rather, the meaning is "He offers clarification to you." Its grammatical position is nasb (accusative) as a state (hal), meaning "in a state of clarifying for you."
"During an interval"
This is connected to "has come to you," meaning: He has come to you at a time of a lull in the sending of messengers and an interruption of revelation.
"(Lest you say)"
Meaning: Out of fear that you might say.
"For there has come to you"
This is connected to an implied phrase, meaning: Do not offer excuses, for there has come to you [a messenger].
Historical accounts regarding the interval:
It is said there were 560 years between Jesus and Muhammad (peace be upon them).
It is said 600 years.
It is said 400 and some odd 60 years.
Al-Kalbi narrated that there were 1,700 years and 1,000 prophets between Moses and Jesus, and between Jesus and Muhammad (peace be upon them) there were four prophets: three from the Children of Israel and one from the Arabs, Khalid ibn Sinan al-'Absi.
The Meaning: The intent is to show favor to them. The Messenger was sent to them when the traces of revelation had been effaced, at the time they were most in need of it, so that they might rejoice in him and consider him the greatest blessing from God—a gateway opened to mercy. Thus, the proof is established against them, so they cannot argue tomorrow that no one was sent to them to awaken them from their heedlessness.