The first part of this verse is a punch line. It unfolds as a surprise to the listeners. The second two phrases seem to be answers to questions about the punch line.  The verse contains a couple of unique words, and one is used twice. A lot of the verse is scrambled in translation. 

The Greek word translated as "and" is used as the conjunction "and", but it also is used to add emphasis ("also").

The word translated as "lorn" is the same word that is often translated as "Lord" or "the Lord" in the NT. It also means "lord", "master of the house," and "head of the family." This word appears after the verb translated as "commended" as a surprise. Note that this lord knows immediately of the house manager's misdeed, which means that is was not kept secret. This has many implications in this story. 

"Commended" is a unique word, approved only here. It means to "approve", "applaud", "commend", "praise", "recommend", and "advise".  This word would be a surprise to listeners, who might not even know who the "he" was who "applauded" or "approved". 

"The unjust" is a Greek noun, not an adjective. It means "wrongdoing", "injustice", "a wrongful act," and "offense." Perhaps today we would say a "injustice". In the form it is in, it does not describe the house manager but his wrong-doing, which is being applauded. The entire description of this parable as that of the "unjust steward" seems based on a mistranslation as well as a misinterpretation of the story.  This word follows "steward". Its form seems to be "the objective genitive" that is, what the manager was praised for. 

"Steward" is an uncommon word for Jesus that appears here for the first time. It is a term that means a household manager. 

The word translated as "because " introduces a statement of fact or cause. This word is often used by Jesus when answering a question, which may be the case here. 

The Greek word translated as "he had done" has the primary meaning of "making" or producing" something or "causing" or "rendering" as service. It describes a productive action.  It is not as broad a word as the English "do", which covers all actions, productive or not. The sense here is "performed" the misdeed.

"Wisely" is a Greek adjective used uniquely in this verse.   It is the adverbial form of the adjective that means "in one's right mind", "in one's senses", "sensible", "prudent", "practical wisdom", and "prudence".

The word translated as "for " introduces a statement of fact or cause. It is the same word translated as "because" above. 

The word translated as "children" more means "son" or "descendants". It can refer to all offspring in later generations, just like "father" refers to all previous generations. Jesus also used it metaphorically to describe those who follow a way of thought or set of beliefs that descend from an individual. More about it in this article.

"Of these" is a demonstrative pronoun that means "this", "here", "the nearer," and "the familiar."

"World" is from aiôn, which means "lifetime", "life", "a space of time", "an age," an epoch," and "the present world." See this article on words translated as "world" in Jesus's words. 

The verb "are" here is the common form of "to be" in Greek. It means to have a certain characteristic or remain in a certain condition. It also equates terms or assigns characteristics. It appears at the very end of the phrase. 

The phrase "in their generation" doesn't appear near the "children of this world" phase but after the "children of light" phrase. It may mean something very different, referring to the nature of practicality. 

The word translated as "in" means "into" a place, "towards" as a direction, "in regards to" a subject, and "up to" limits in time and measure.

"Their" is a special reflexive pronoun that means "himself", "herself," and so on. It isn't plural, referring to the "sons" of either type. It is singular and appears after "generation" referring to the "generation" itself. It is introduced by an article, so "this on itself."

The word translated as "generation" means "race", "family", and "generation". The sense is a "type" or a "specimen" of a particular type.  Jesus uses this term frequently in criticism, but that criticism seems more aimed at a particular type of people than his generation. It is the word from which we get the scientific "genus".

"Wiser" is the same Greek adjective used above in its comparative form.   It  means "in one's right mind", "in one's senses", "sensible", "prudent", "practical wisdom", and "prudence".

The Greek preposition translated as "than" means "over" (of place), "above' (in a state of rest), "off' (ships at sea), "over" and "across (in a state of motion), "over", "beyond" and many such words. The sense is more "beyond" than a simple "than". 

The word translated as "children" more means "son" or "descendants". It can refer to all offspring in later generations, just like "father" refers to all previous generations. Jesus also used it metaphorically to describe those who follow a way of thought or set of beliefs that descend from an individual. More about it in this article.

The Greek word translated as "of light" means "light", "daylight [primarily], "opening", and "public visibility." Jesus uses it as a metaphor for "knowledge,"