This impressive monumental sculpture likely depicts one of the Pandava brothers, the heros of the Mahabharata. The double quivers would allow for a probable identification as Arjuna, who was equipped by Agni with two inexhaustable quivers and a magic bow. He is the quintessential hero, bestowed with invincible powers yet compassionate to those in need, who only employs his supernatural powers for good deeds.
Compare with three closely related sculptures previously sold at Sotheby's Park Bernet on 16 June 1975, lots 207-209, now at the Norton Simon Museum; see P. Pal, Art from the Indian Subcontinent, 2003, cat. nos. 109-111, pp. 150-153.