Rama and Parasurama
(Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, Mumbai)
You can find out more about Parashurama at Wikipedia.
Here is the description of the image: To the left are Rama and his brothers on chariots accompanied by Dasaratha, who rides a white horse, and numerous retainers. In the centre they are shown standing on the ground after dismounting. Opposite them is the gigantic form of Parasurama holding his axe and behind him are the gods, amongst whom Brahman is easily recognizable. Below we again see Rama and Parasurama facing each other, and to the extreme right we observe the sage walking away, apparently satisfied.