That is probably the image of the Sacred Heart of Jesus. There are many versions of it and this is as close as I could come. The more common image does not show His arms.
Here is the history of that image.
It was to Margaret Mary Alacoque (1647-1690), a humble Visitandine of the monastery at Paray-le Monial, that Christ chose to reveal the desires of His Heart and to confide the task of imparting new life to the devotion. There is nothing to indicated that this pious religious had known the devotion prior to the revelations, or at least that she had paid any attention to it. These revelations were numerous, and the following apparitions are especially remarkable: that which occurred on the feast of St. John, when Jesus permitted Margaret Mary, as He had formerly allowed St. Gertrude, to rest her head upon His Heart, and then disclosed to her the wonders of His love, telling her that He desired to make them known to all mankind and to diffuse the treasures of His goodness, and that He had chosen her for this work (27 Dec., probably 1673); that, probably distinct from the preceding, in which He requested to be honoured under the figure of His Heart of flesh; that, when He appeared radiant with love and asked for a devotion of expiatory love -- frequent Communion, Communion on the First Friday of the month, and the observance of the Holy Hour (probably June or July, 1674); that known as the "great apparition" which took place during the octave of Corpus Christi, 1675, probably on 16 June, when He said, "Behold the Heart that has so loved men . . . instead of gratitude I receive from the greater part (of mankind) only ingratitude . . .", and asked her for a feast of reparation of the Friday after the octave of Corpus Christi, bidding her consult Father de la Colombière, then superior of the small Jesuit house at Paray; and finally, those in which solemn homage was asked on the part of the king, and the mission of propagating the new devotion was especially confided to the religious of the Visitation and the priests of the Society of Jesus.
Notice the strong resemblance to the Divine Mercy image! When our Lord appeared to Sr. Faustina, he asked that His image be painted with the words: "Jesus I Trust in You" below it. The Polish nun could not paint and someone was commissioned to paint it according to her description.
It's a remarkable story and one worth reading. Jesus asked Sr. Faustina to be His Secretary of Divine Mercy and to keep a diary.
"Your task is to write down everything that I make known to you about My mercy, for the benefit of those who by reading these things will be comforted in their souls and will have the courage to approach Me."
The following site has posted extracts from it.