For a reaction in chemical equilibrium rate of forward reaction is equal to the rate of backward reaction,so the rate constant of forward reaction is eqaul to rate constant of backward reaction according to the principle of detailed balance and hence equilbrium constant is the defined as the ratio between forward and reverse equilibrium constants.
Above the arrow there is k- which is rate constant for forward reaction
Below the arrow there is k -1 which is rate constant for backward reaction
Where the forward rate constant k is equal to the rate constant k-1 of the backward reaction, if the equilibrium constant of the reaction is K then,
It can be defined as ratio between the forward rate constant and the rate constant of backward reaction.