act 3 scene 1
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I do not see this quote in "Taming of the Shrew." Are you sure you posted it correctly?
I believe this is the quote you're referring to?
"Seize thee that list! If once I find thee ranging,
Hortensio will be quit with thee by changing."
Hortensio alludes to the fact that he sees the schoolmaster/ Lucentio is smitten, and that if she would lower herself so far as to reciprocate the feeling for one so unworthy, he would wash his hands of her.
Taming of the Shrew