While the number of our lexical resources for exegeting and translating both testaments has grown enormously, our understanding of how words mean remains lodged in a model of communication that has come under challenge in recent years. The way we understand the nature of and relationship between lexemes and concepts will affect how we develop and utilize our lexicons for exegesis. Traditionally, lexical semantics has oriented both these lexicographic endeavors. But recent research in the field of lexical pragmatics, currently discussed among those working on Relevance Theory (RT) and other cognitive approaches to linguistics, gives important new guidance to orient our use of the lexicon and offers valuable insights that can help shape their future design. Lexical pragmatics points to a new, more context-oriented and dynamic approach to understanding the relationship between lexemes and concepts, and the nature of concepts as ad hoc constructions, in the communication of meaning.