The scene is a story from Book VI of Ovid's Metamorphoses, where Latona, the mother of Apollo and Diana, was travelling and when thirsty stopped to drink at a lake in Lycia. She was prevented from drinking by a group of men working the osier beds who muddied the water and she promptly punished them by turning them in to frogs.
Two dishes with a version of the same scene are in the British Museum, see Dora Thornton and Timothy Wilson, Italian Renaissance Ceramics, A Catalogue of the British Museum Collection, Vol. I, London, 2009, pp. 331-332, no. 195 and p. 343, no. 202. Wilson discusses the composition of the figures which are similar to those on a plate by Nicola da Urbino (now in Verona) from the set made in around 1524 for Isabella d'Este, suggesting that the artist was either in contact with Nicola or had access to the drawings used at his workshop, see Timothy Wilson, ibid., 1996, pp. 243-244, no. 102.