This is a page taken from the book of the Guardians of the Cave, it depicts an episode from the Tale of the Hat Perilous. This story is unusual in the canon of Guardian exploits in that the body count is enormous compared with the more conservative nature of the majority of tales recorded in this tome.
There have been found on this page marks that bear some resemblance to one of the illustrations for the Tale of the Golden Snail. This is called a palimpsest, a piece of manuscript that has been used more than once.
The Guardians of the Cave 