"Renegade" was originally recorded by Bad Meets Evil, a hip hop duo with members Eminem and Royce da 5'9".
Rapper The Game made reference to the Nas verse on "Ether", on his own song with Eminem, "We Ain't", in satire by stating "Lo, get Dre on the phone quick Tell him Em' just killed me on my own shit".
Jay-Z's two verses deal with his fatherless childhood, and how financial difficulties faced by his mother forced him to sell drugs for survival (thus becoming a renegade to society).
He states his demeanor was "30 years [his] senior," implying that hardships he faced during his childhood forced him to grow up and make adult decisions from a young age.
Ultimately, both Jay-Z and Eminem use the hook to say that, while they may face public disapproval for different reasons, they will not change their behavior and have "never been afraid to talk about anything".