It’s a picture of Master Chief drawn by Frank O’Connor. Back when he did weekly updates at Bungie.net he made a few drawings of Master Chief under the parody of “Mister Chief”.
The specific image is his drawing of Mister Chief holding a bomb with the caption “oh teh noes i am asplode!”
If anyone has this image in their archives, I would very much like to see it again.
the above is a picture of mister chief.