The Battle of Khanwa took place in 1527 and was fought between Babur and Rana Sanga. Babur was the founder of the Mughal Empire in India, while Rana Sanga was the ruler of Mewar.

Option 1 is the correct answer because it accurately identifies the two main parties involved in the battle. This battle was a significant event in Indian history as it marked an important milestone in Babur`s efforts to establish his rule over Northern India. Babur emerged victorious in the battle, which further strengthened his position and extended his control over the region.

Option 2, Ibrahim Lodi, was actually the ruler of the Delhi Sultanate who was defeated by Babur in the First Battle of Panipat in 1526, a year before the Battle of Khanwa. Therefore, option 2 is incorrect.

Option 3, Humayun and Sher Shah, refers to a later conflict between Humayun, Babur`s son, and Sher Shah Suri in the mid-16th century and is not relevant to the Battle of Khanwa in 1527. Therefore, option 3 is incorrect.

Option 4, Humayun and Nusrat Shah, is also incorrect as Nusrat Shah was