Translation plus one line of pseudo-scholarly commentary:

Lambi reiddist mjög við orðtak þeirra og kvað þá kunna sig ógerla er þeir veittu honum átölur "því að eg hefi dregið yður undan dauða," segir hann.
Lambi became very angry with their words and told them to know not exactly when they gave him a rebuke "because I have escaped your death," he says.

Skiptust þeir síðan fám orðum við því að hvorumtveggjum líkaði þá verr en áður.
They then part with few words because each of the two liked them worse than the other.

Ríður Lambi heim til bús síns.
Lambi rides home to his farm.

Þorgils Hölluson ríður út til Helgafells og með honum synir Guðrúnar og fóstbræður hans, Halldór og Örnólfur.
Thorgils Holluson rides out to Helgafell and with him Gudrun's sons and his foster-brothers, Halldor and Ornolfr.

Þeir komu síðla um kveldið til Helgafells svo að allir menn voru í rekkjum.
They arrived late during the evening at Helgafell so that all people were in bed.

Guðrún rís upp og bað menn upp standa og vinna þeim beina.
Gudrun got up and asked men to rise up from bed and show them hospitality.

Hún gengur til stofu og heilsar Þorgísli og öllum þeim og spurði þá tíðinda.
She goes to the living room and greets Thorgils and all of them and asked them for the news.

Þorgils tók kveðju Guðrúnar.
Thorgils received Gudrun's welcome.

Hann hafði þá lagt af sér kápuna og svo vopnin og sat þá upp til stafa.
He had them taken off his cloak and also his weapon and then sat up on a staff. (??)

Þorgils var í rauðbrúnum kyrtli og hafði um sig breitt silfurbelti.
Thorgils was in a red-brown shirt and he had around him a broad silver belt.

Guðrún settist niður í bekkinn hjá honum.
Gudrun sat herself down on the bench next to him.

Þá kvað Þorgils vísu þessa:
Then Thorgils recited this verse [some manuscripts add "knowing how much such poems would cause difficulties for future translators of Old Icelandic"]
Sóttum heim að Helga,
We attacked Helgi at (his) home,

hrafn létum ná svelgja,
We let the raven get to take a deep draft,

ruðum fagrröðuls eiki
We didn't redden light-red (meaning they didn't do a halfway job?)

þá er fylgdum Þorleiki.
When we helped Thorleik.

Þrjá létum þar falla,
We caused three to fall there,

þjóðnýta gervalla,
all very excellent,

hjálm allkæna þolla.
endure all-expert helmet.

Hefnt teljum nú Bolla.
We now consider Bolli revenged.

Guðrún spurði þá vendilega að þessum tíðindum er orðið höfðu í för þeirra.
Gudrun asked them completely as regards to this news which had occurred on their journey.

Þorgils sagði slíkt er hún spurði.
Thorgils said such when she asked.

Guðrún kvað ferðina orðna hina snöfurlegstu og bað þá hafa þökk fyrir.
Gudrun said the trip became (?) the most brisk (?) and asked them to have thanks for (that).

Eftir það er þeim beini veittur og er þeir voru mettir var þeim fylgt til rekkna.
After that when hospitality (was) granted to them and when they were full it was (that) they were led to bed.

Sofa þeir af nóttina.
They sleep the night through. (Z. sofa)