I agree that it looks like two characters swordfighting. After doing some googling on sword and shield in video games here is a list of games that probably AREN'T those figures:
ActRaiser: doesn't have a shield, doesn't look quite right
Archon: no matching character
Castlevania: graphic style is similar but doesn't look quite right
Golden Axe: none of the main characters are pictured
Nighogg: pretty sure not since it's more about fencing, although the art is somewhat similar
Rygar: Nope, he doesn't have a sword
Super Ghouls and Ghosts: figures are shaped wrong
Trojan: Maybe? Figures aren't shaped quite right.
Zelda: Link has a distinctive silly hat that we don't see
The artwork looks naggingly familiar to me as something I played on the C64 in the days of yore (really dating myself here), but I can't quite place it.
I wonder if the figures go along with the background image in some way?
Monkey Island, but the swordfighting scene has another background
...
Hmmmm, maybe the "face" is a skull from the game or a map?
A pirate map?
I do recall a Monkey Island map that had something like this, but the sword fighting figures look wrong (especially since one appears to have a shield).