This dramatic image is a woodblock engraving that was featured in The Illustrated Melbourne Post. Engraved by Samuel Calvert from a drawing by George Stafford, it depicts a gang of bushrangers brutalising their victims in the forest.
It is unclear what event this corresponds to if any, however in the weeks leading up to the publication of this image a trio of bushrangers had been captured in Yea by Victoria Police. The trio was originally thought to be Frank Gardiner and two accomplices, however this turned out to be incorrect.

Picture credit: The Illustrated Melbourne Post, August 2, 1862 (courtesy of State Library of Victoria)