The correct option is A Nobody but you can explain it.
We use but as an alternative to except (for), apart from and bar to introduce the only thing or person that the main part of the sentence does not include. It is often used after words such as everyone, nobody, anything, anywhere, all, no, none, any, every.
But is used as a preposition when we put a noun or pronoun after it.
Option A is correct. It means that nobody except for you can explain it. The noun phrase 'you can explain it', which also acts as an object of the preposition 'but', follows it.
Options B and D are completely wrong.
Option C is incorrect because 'but' has been used as a conjunction to join the two sentences.