1. To not be indebted (to someone) for something; to not owe (someone) anything. I helped Sarah set up the community center for her casino night in return for her helping me move, so she and I are even now.Tell you what: buy me dinner this Friday. That way, you'll be even with me for the money I lent you.
2. To no longer have cause to seek revenge (against someone). You broke the tail light on my car, so I slashed your tires—now we're even.