This is a carved wooden ornament depicting the scene of Ma Chao 馬超 chasing Cao Cao 曹操 after a battle. Ma is riding a horse brandishing his spear, while Cao Cao flees on his horse Jue Ying 絕影 after the battle of Tongguan (潼關之戰). This is a famous scene from the Romance of the Three KIngdoms (三國演藝), where Cao Cao shaves off his beard and discards his robe to disguise as a regular pawn to avoid the chasing by Ma Chao.