अहं च त्वं च राजेन्द्र लोकनाथावुभावपि

अहं च त्वं च राजेन्द्र लोकनाथावुभावपि।

बहुव्रीहिसमासोऽहम् षष्ठी तत्पुरुषो भवान्॥

ahaṁ ca tvaṁ ca rājendra lokanāthāvubhāvapi|

bahuvrīhisamāso'ham ṣaṣṭhī tatpuruṣo bhavān||

राजेन्द्र अहं त्वम् अपि च उभौ लोकनाथौ भवतः

अहं बहुव्रीहि समासः अस्मि भवान् षष्ठी तत्पुरुषः

A beggar tells the king.. You the Indra among the kings and me too are both Lokanaathaas ( masters of the world.?).

I am defined as Lokanatha in bahuvreehi samsasm and you are covered by Shashtee tatpurusha..

Lokanaatha can be broken up in two ways..

In Bahuvreehi Samasam.. Lokah NathaH yasya saH..लोकःनाथःयस्य सः for whom the whole word is the master..

The beggar for whom all in the world are masters.

In the Shashti Tatpurusha.. Lokasya NathaH. लोकस्य नाथः. master of the whole world..

The king who is the master of the whole world..

Bahuvreehi and Tatpurusha are major modes of combination of words or Samasaas in Sanskrit Grammar..

Here what the beggar means is that the King is the master of the world and the beggar has the whole world as a bunch of masters..