The heron caught in the sky by a hawk might hint at this knight's death in battle, also alluded to by his posture, which recalls that of a funerary statue; an alternative theory is that this is a memorial portrait of a person already dead.

In the left lower corner is a white ermine and a scroll stating "I prefer to die rather than to incur dishonour" (malo mori quam foedari).

For centuries the identity of the knight has been a subject of discussion among the most renowned art historians, including Bernard Berenson and Lionello Venturi.

The portrait is now considered most likely to show Francesco Maria I della Rovere, the Duke of Urbino and nephew of Pope Julius II, during whose reign it was painted.

Nevertheless, a more recent interpretation identifies the knight as the Venetian patrician Marco Gabriel, who was rector of the fortress of Methoni, in Greece, during the Ottoman siege of 1500.