verb. Ransom is defined as the act of holding someone or something hostage in order to get a demand met, or the money paid to get the item or person back.An example of ransom is the money paid to a kidnapper to get a kidnapped child back.To ransom is to obtain the release of someone or something that has been held hostage by paying a price.ansom-Legal Definition. n. The money paid to secure the release of a person held captive, whether as a result of having been kidnapped or captured in some other way; the release of a captured person in exchange for money or other consideration.