Lakshmi Narasimha Temple is popular for having the largest statue in Hampi. Lord Narasimha is considered an incarnation of Lord Vishnu, who came in the form of half man-and-half lion, to save his devotee Prahalad from his own father Hiranyakshipu.

Architecture
The idol of Lord Narasimha is sitting on the coil of a giant seven-headed snake called Shesh-Naga. The heads of the snake act as the hood above the Lord's head. Lord Narasimha is presented here in a cross-legged Yoga position with a belt supporting his knees.

Because of its protruding eyes and the facial expression, the lord is often named as 'Ugra Narasimha', i.e. Narasimha in its terrifying form.

It is believed that the original statue of the shrine contained the image of goddess Lakshmi, consort of the god, as well. She was presented sitting on the lap of Lord Narasimha, but the idol was damaged during the raid leading to the fall of Vijayanagara empire. However, in the damaged portion of the statue, one can see the goddess's hand resting on the Lord's back in embracing posture. People who get an opportunity to go inside the enclosure, can easily see the hand of the goddess. Even the nails and the rings on her fingers are executed wonderfully.