Persian Miniature Painting: Two Safavid Princes
Self portrait of Aqa Mirak with Shah Tahmasp Tabriz, Circa 1530
Soudavar is a thorough careful scholar and his insight is inspirational. In his discussion of this piece he suggests that these are two Safavid Princes. That is a safe answer but I can not help but suspect that this is a self portrait of Aqa Mirak (right) with Shah Tahmasp.