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 and go off course. These wild horses can only be harnessed by self-surrender (giving up of the human free will) to the Supreme Soul who is the only one capable of driving the chariot safely. Here Arjuna has surrendered to Krishna (his Guru) who uses the intellect (Buddhi) as reigns to control the wild horses (instincts) and ensures the safe journey of the soul to its ultimate goal of union with the Supreme.

Sadguru Sainath Maharaj ki Jai