This is a Sebastian Miniatures figurine of Paul Bunyan, the famous lumberjack of North American folklore. It is one of the most sought-after Sebastian Miniatures.
This figurine was designed by Prescott W Baston in 1949, as model number SML-128. This particular one is from a limited re-issue run, between 1976 and 1978, when they were manufactured by the Lance Corporation, with production number 6204. It is estimated only 1,604 of this type were issued. It measures 3.25" tall and it comes in the original box.