情 (qíng): In this context, this character means “circumstances,” “situation,” or “feeling/emotion.” It points to the specific context of the event.
有 (yǒu): “To have” or “there is.”
可 (kě): “Can be,” “possible,” or “worthy of.”
原 (yuán): “To forgive” or “to pardon.”
When combined, 情有可原 literally translates to “the circumstances (情) have (有) that which can be (可) forgiven (原).” This elegant structure perfectly captures the idea that within a specific situation, there are elements that make an otherwise wrong action pardonable.