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Lit., "whatever thing they invoke instead of Him": i.e., He knows the nothingness of those false objects of worship (Zamakhshari), irrespective of whether they be imaginary deities, or deified saints, or forces of nature, or even false concepts or ideas; but He also knows the weakness of the human heart and mind and, hence, the hidden motivation of all such irrational worship.
The last verse told us that men, out of spiritual ignorance, build their hopes on flimsy unsubstantial things (like the spider's web) which are broken by a thousand chance attacks of wind and weather or the actions of animals or men. If they cannot fully grasp their own good, they should seek His Light. To Him everything is known,-men's frailty, their false hopes, their questionable motives, the false gods whom they enthrone in their midst, the mischief done by the neglect of Truth, and the way out for those who have entangled themselves in the snares of evil. He is All-Wise and is able to carry out all He wills, and they should turn to Him.