Acharya Prashant explains the concepts of the knower, knowledge, and the known based on the Vidya Gita. He defines the 'known' as anything the mind can cognize or perceive, the 'knower' as the internal entity that claims to know, and 'knowledge' as the relationship between the two. He notes that the ego typically attaches itself to the knower, becoming dependent on the objects of knowledge. This dependency leads to slavery and suffering because worldly objects are transient and cannot provide lasting satisfaction. When the object is lost, it results in pain; when it is attained, it leads to disappointment or restlessness because it fails to fulfill the ego's deeper needs.