The falcon figure represented is most likely the god Horus. Horus was depicted as two deities; Horus the Elder and Horus the Younger. Horus the Elder was considered god of the sky and the son of Geb, Earth and Nut, Sky. As a god he was associated with both the sun and the moon. Horus the Younger was the son of Osiris and Isis, he too was associated with the sky, sun and the moon. He was the protector of Egypt’s royalty and defender of order, uniter of the two lands (lower and upper Egypt). Over time, both Horus deities were merged with Ra, the sun god, and represented as a falcon headed man bearing the sun disk and the crown of upper and lower Egypt.
To find out more about Ancient Egyptian amulets please see our relevant blog post: Egyptian Amulets and their Meanings.