The downfall of the Egyptian king unfolds like a massive sea hunt for a giant creature of the deep. God directly addresses Pharaoh, declaring that He is personally managing the military campaign against him, using human empires as His destructive tools. By describing the hunting gear as His own, God teaches that He Himself stands with the attacking nations to bring about Egypt's ruin [רד״ק].
This grand hunt requires a vast assembly of nations. The hunter in this scenario represents the king of Babylon, Nebuchadnezzar, accompanied by the massive Chaldean armies he brings with him [מצודת דוד, אברבנאל]. Capturing such a creature involves spreading an enormous net over wide waters, an act that demands the shared physical effort of many people, which is why an entire coalition of nations is necessary [מלבי״ם].
The primary approach among commentators is that the hunting tools mentioned are simply synonyms describing a woven fishing net or a trapping mesh [רש״י, רד״ק, מצודת ציון, אברבנאל, ביאור שטיינזלץ]. However, a different perspective distinguishes between the equipment used. One tool is a standard net designed to catch many fish at once, while the other is a lethal trap meant specifically to subdue and kill a uniquely giant fish. Because Pharaoh is likened to such a massive creature, a regular net is not enough to pull him up. Instead, a deadly weapon must be struck against him right where he is trapped [מלבי״ם].
The practical meaning of pulling this giant fish from the water is the absolute end of the Egyptian king's reign. Through various deceptions, Pharaoh will be lured out of the safety of his rivers, leaving his country to wage war against the king of Babylon, where he will ultimately meet his death [מלבי״ם, אברבנאל]. Alternatively, the Chaldean armies will pull him from the water and destroy him while he remains entirely within his own borders, ensuring he can never rule his land again [מצודת דוד].