The Battle of Khanwa, which took place in 1527, was fought between Babur and Rana Sanga. Rana Sanga was the king of Mewar, while Babur was the founder and first emperor of the Mughal Empire.
Option 1 is incorrect because Ibrahim Lodi was the Sultan of Delhi who was defeated by Babur in the First Battle of Panipat in 1526. There is no historical evidence to suggest that Ibrahim Lodi was involved in the Battle of Khanwa.
Option 3 is incorrect because Humayun was the son of Babur and not his opponent. Sher Khan, also known as Sher Shah Suri, was a rival of the Mughals and Humayun, but they did not fight in the Battle of Khanwa.
Option 4 is incorrect because Nusrat Shah was the Sultan of Bengal, and there is no record of his involvement in the Battle of Khanwa.
In conclusion, Option 2 is the correct answer as the Battle of Khanwa was fought between Babur and Rana Sanga.