2 Peter 1:20 can be confusing at times. In the NIV, it says, “[…] no prophecy of scripture came about by the prophet’s own interpretation.” The LEB says, “[…] that every prophecy of scripture does not come about from one’s own interpretation.”
What does this mean? It ties closely back to what Peter says earlier about not following clever myths but being eyewitnesses (2 Peter 1:16). The revelation he spoke about was their experience of God speaking on the mountain. In verse 19 he goes on to say “we have the word of the prophets made more sure.” This experience verified the words of the prophets and their experience was itself a revelation from God.
It is from here that he makes his statement about prophecy. Peter is saying the experience of the apostles verified and supported the words of the prophets. They did not just make up stories. Neither did they twist and abuse the Old Testament prophecy to make it say what they wanted it to say. Many people twist the words of scripture to say what they want it to say. This is not proper behavior because the words of scripture were not given to say whatever you want. Peter goes on in verse 21 to say prophecy originated in the will of God, rather than the will of man. The important consideration is not what I want the scripture to say, but what God meant for it to say. It is not my meaning or interpretation that matters, but God’s intent. Prophecy is how God chooses to speak, and our responsibility is to handle it properly and seek understanding of what God actually says. We are to look for God’s meaning behind the words, not use them to hide our own intentions in a scriptural smoke screen and present the resulting illusion as revelation from God.
This thought continues into the next chapter of Second Peter. Keep in mind, the chapter and verse divisions were added centuries after the actual words were written. Don’t see them with any authority. Chapter 2 verse 1 gives us the counter to those who properly handle the words of prophecy. Peter says that he and the other witnesses to Christ were properly handling the prophecies. But; just as in the past there were false prophets who, rather than speaking for God, spoke their own words for their own intentions; false teachers would rise up in the church misusing the words of the Old Testament and the early Christian writers to introduce and support heresies. He even gives an example of one such heresy: “even denying the sovereign Lord who bought them.”
In a conversation years ago about something from scripture, a woman said, “There are many interpretations of scripture. It can be made to say anything you want it to say.” Actually, she was quite wrong, but still managed to strike upon the biggest problem we have in the church. There is only one interpretation—the right one, intended by the divine author. Proper exegesis involves seeking that single true interpretation. From this single interpretation, there may be applications. In each of our lives, the words of scripture will apply in any number of ways. A passage applied a certain way in my life may need to be applied in a very different way to your life. So long as these applications are based upon a proper interpretation they are acceptable. Unfortunately, we too often mistake the application for the interpretation. We try to make the way it applies in my life normative for all Christians. This too often leads to legalism. Seek the meaning of the author of scripture. Then look for how to apply that to your own situation and life.