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Lit., "who have exchanged God's blessings for a denial of the truth". The expression "God's blessings (ni'mah)" obviously refers here to the messages revealed through His apostles.
There is a particular and a general meaning. The particular meaning is understood to be a reference to the Makkan Pagans who turned the House of Allah into a place for the worship of horrible idols and the practice of unseemly rites and cults. There is no real difficulty in accepting this as part of a late Makkan Sura even without supposing it to be a prophecy. The Makkan Pagans had turned Religion into a blasphemous superstition, and were misguiding their people, persecuting the true Messenger of Allah and all who followed his teaching. Their cup of iniquity seemed about full, and they seemed to be heading to perdition, as later events indeed showed to be the case. The general meaning is also clear. Selfish men, when they seize power, want worship for themselves or their Phantasies, in derogation of the true God. Power, which should have been an instrument of good, becomes in their hands an instrument of evil. They and their people rush headlong to perdition. "These be thy gods, 0 Israel!" has been a cry repeated again and again in history, in the face, or at the back, of men of God!