In a comment on this MathOverflow question, Theo Johnson-Freyd states:
OTOH, in any category, if there are monomorphisms $A\to B$ and $B\to A$, then for any $X$ the sets $\operatorname{Hom}(X,A)$ and $\operatorname{Hom}(X,B)$ are isomorphic, by unpacking the word "monomorphism" and applying Schroeder-Cantor-Bernstein (one of those rare results with non-alphabetized names). If this isomorphism could be made natural in $X$, then by Yoneda we would have an isomorphism $A\cong B$. But of course it cannot, in general.
I'm new to category theory and having a hard time unpacking this. I know what a monomorphism is, but it's not clear to me how "unpacking the word monomorphism and applying SCB" implies the set of morphisms between $X$ and $A$ and $X$ and $B$ are isomorphic.
I'm also confused what it means for this isomorphism to be "made natural" in $X$, and then how does the Yoneda lemma show that there is an ismorphism between $A$ and $B$? I can only assume he's referring to the Yoneda embedding, but I still don't see how natural transofmations come in here.
"Unpack" means understanding the definition. A morphism $f : A \to B$ is a monomorphism if for any $g,h : X \to A$, if $f \circ g = f \circ h$, then $g = h$. What are we doing here? We are actually saying that for every $X$, the map $\hom(X,A) \to \hom(X,B)$ given by $g \mapsto f \circ g$ is injective, if you think about it.
So if you get two monomorphisms $A \to B$ and $B \to A$, this implies that you get an injection $\hom(X,A) \to \hom(X,B)$ and an injection $\hom(X,B) \to \hom(X,A)$. Then the Schröder–Cantor–Bernstein says that the sets $\hom(X,B)$ and $\hom(X,A)$ in bijection. Another word for "bijection" is "isomorphism of sets".
Finally we have the naturality comment. The Yoneda embedding tells you that if you have an isomorphism of functors $\hom(-,A) \cong \hom(-,B)$, then $A$ is isomorphic to $B$. What's an isomorphism of functors? It's a natural transformation that has an inverse; in this setting, it is equivalent to a natural transformation $\eta_X : \hom(X,A) \to \hom(X,B)$ which is an isomorphism (bijection) for each $X$. The result above says that if you have monomorphisms $A \to B$ and $B \to A$, then the hom sets $\hom(X,A)$ and $\hom(X,B)$ are isomorphic for all $X$. The problem, as Theo says, is that it will not be possible, in general to choose bijections $\hom(X,A) \cong \hom(X,B)$ which are natural with respect to $X$, so you cannot apply Yoneda's lemma.