"Thy baited hooks shall tangle me no more."
We know that "thy" refers back to "Love" in the first sentence. Just like hooks are used to catch and snag a fish, the speaker is saying that Love uses hooks to catch and snag him. However, when he says that the hooks shall tangle me no more, he is stating that love can no longer catch and keep him. Beguile means to deceptively trap something. When using a hook, a fisherman deceptively ensnares the fish by hiding the hook inside bait. In this line, the speaker refuses to be tricked into love's trap any more.