According to the Aurobindo-KApaly ShAstry school, the following is the translation:
Ye te sahsramayutam pAshA mrityo martyAya hantave |
O Death who kills mortals by hundreds of knots.
TAn yajnasya mAyayA sarvAnava yajAmahe |
I worship him with this subtle (MAyaya) yajnas for protection (ava).
So, it's not MAyA but MAya... and it is meaning subtle..
Another translation provided by the KAmakoti.org is as follows:
ये ते सहस्रमयुतं पाशा मृत्यो मर्त्याय हन्तवे ।
तान् यज्ञस्य मायया
मृत्यो- O Parameswara, the form of Death, मर्त्याय- all dying
creatures, हन्तवे- for catching, ते- your, सहस्रं- in thousands,
अयुतं- in tens of thousands, ये- which, पाशाः- ropes (and similar
instruments of torture are there), तान् सर्वान्- all of them,
यज्ञस्य मायया- with the strength of our good actions, अवयजामहे-