Tell [of it], you who ride on white donkeys, You who sit on rich carpets, You who walk by the way.
The difference in these two understandings is in the identity assigned to the archers.  In the first, the archers are enemies, and in the second the archers are victorious Israelites.  We cannot tell, which is the accurate view, but the significant thing in both understandings of the passage is that Israel is celebrating an overwhelming victory.