A.T. Robertson Commentary 1 Peter 2:6

"Because it is contained in scripture, Behold, I lay in Zion a chief corner stone, elect, precious: And he that believeth on him shall not be put to shame." — 1 Peter 2:6 (ASV)

It is contained (περιεχε). Present active (here intransitive, to contain, only N.T. example) of περιεχω, old verb, to surround, transitive in Lu 5:9 to seize (only other N.T. example). The formula with περιεχε is in Josephus (Ant. XI. 7). This Scripture (εν γραφη) is Isa 28:16 with some changes. Peter had in verse 4 already quoted εκλεκτον and εντιμον. Now note ακρογωνιαιον (a chief corner stone), a word apparently invented by Isaiah (from ακρος, highest, and γωνιαιος, Attic word for corner stone). Paul in Eph 2:20 uses the same word, making Christ the chief corner stone (the only other N.T. example). In Isaiah the metaphor is rather a foundation stone. Peter and Paul make it "the primary foundation stone at the structure" (W. W. Lloyd).

On him (επ' αυτω). That is, "on it" (this corner stone, that is, Christ).

Shall not be put to shame (ου μη καταισχυνθη). Strong negatives ου μη with first aorist passive subjunctive of καταισχυνω, old verb, to put to shame (Romans 5:5).