Peter begins to warn the believers about false teachers.
Just as false prophets came deceiving Israel with their words, so will false teachers come teaching lies about Christ.
The word "heresies" refers to opinions that are contrary to the teaching of Christ and the apostles. These heresies destroy the faith of those who believe them.
The word "master" here refers to a person who owns slaves. Peter speaks of Jesus as the owner of people whom he has bought, the price being his death. (See: rc://en/ta/man/translate/figs-metaphor and rc://en/ta/man/translate/figs-explicit)
"immoral sexual behavior"
The phrase "way of truth" refers to the Christian faith as the true path to God. This can be stated in active form. AT: "unbelievers will blaspheme the way of truth" (See: rc://en/ta/man/translate/figs-activepassive)
"convince you to give them money by telling you lies"
Peter speaks of "condemnation" and "destruction" as if they are persons who act. The two phrases mean basically the same thing and emphasize how soon the false teachers will be condemned. (See: rc://en/ta/man/translate/figs-personification and rc://en/ta/man/translate/figs-parallelism)
You can translate these phrases with verbs in positive terms. AT: "God will soon condemn them; he is ready to destroy them" (See: rc://en/ta/man/translate/figs-doublenegatives and rc://en/ta/man/translate/figs-abstractnouns)