This is four-armed Krishna with a butter ball in his right lower hand, In this form, he is Navneet Krishna. The unusual part is the four-armed depiction. This blog site has several examples of Navneet Krishna, but all with two arms.
Normally Krishna is shown with only two arms, and the normal exception is, as Venugopala he is depicted with four or eight arms. Examples of the four-armed Venugopala can be found here. My understanding is that Venugapala meant for worship in a temple is made with four arms. In this case, the Navneeth Krishna is of ‘home-worship’ size. Even otherwise, It is rare to see Navneeth Krishna with four arms.
As an avatar of Vishnu, Krishna is holding Chakra and Shankh in his rear hands and his left lower hand is in Lola hasta. His left leg is slightly bent. His right leg is raised and resting on a round object. The posture is Urdhvajanu Karana. Here Krisha is wearing a loin cloth. Rather unusual as a child he is shown naked.
The iconographic rarity and the accretion of worship-related substance make this Vigraha a special one.
This Vigraha is about 10 cm in height and it is from Karnataka. This may be dated to the early part of the 19th century.