1. To pay or receive money owed. The phrase can be used by the debtor or the debtee. I need to settle accounts with Dean now, before I owe him even more money! Thanks for settling accounts with me, I really needed the money this month.

2. To avenge a misdeed. Now that she thinks I started that rumor about her, I'm worried about how she is going to settle accounts with me. Oh, I'll use my fists to settle accounts with him after school!