This picture depicts an embodied soul in a perfect state.

The mortal body is the chariot in which the Jiva Atma (Individual Soul) and Parma Atma (Supreme Soul) both dwell. The wild horses are the senses, desires and impulses which if left unrestrained can topple the chariot (body) itself. These can be controlled only by self-surrender to the Supreme Soul who is the only one capable of guiding the chariot safely. Here Arjuna has surrendered to Krishna (his Guru) who uses the mind (Manas) and the intellect (Buddhi) as reigns to control the wild horses and ensures the rider is safe in all circumstances.

Sadguru Sainath Maharaj ki Jai