بسم الله الرحمن الرحيم
وَيَقُولُونَ - And they say*
عَلَى - upon
اللَّهِ - Allah
الْكَذِبَ - Deceit, the act of Lying*
وَهُمْ - and they
يَعْلَمُونَ - (are) the knowing
وَيَقُولُونَ عَلَى اللَّهِ الْكَذِبَ وَهُمْ يَعْلَمُونَ
Translation: And they pronounce upon Allah, Deceit, and they are (pronounce themselves as) the ones who know.
* وَيَقُولُونَ The ongoing tense is used as they were not the only ones to say such things, and they are not the only set of slanderers to come.
* Here, I thought the word الْكَذِبَ is in the place where the object should be, but I was confused as the word كَذِبٌ did not come up in the dictionary. So then I looked up كَذِبَ which translates to 'the act of lying', i.e. the verbal noun? It was strange as it ends with a فتحة but is not listed as a verb.
The 'act of lying' meaning made me change وَيَقُولُونَ from '...say' into '...pronounce', as pronouncing someone as something, is to name them indirectly. So in an indirect way, they are calling Allah a Liar, but of course such a disgusting title in regards to Allah is an abomination - thus it has been eloquently put, that they pronounce upon him the act of lying, but he, Allah, is innocent of that and does no wrong.