They describe this as Knight with Squire?
A squire is a young knight-in-training, learning the ropes by helping his master keep his weapons and armour in good order, and helping him put on his armour before combat, holding his horse when the knight is dismounted etc. . A squire wouldn't have a fat belly and a full beard, he'd be too young. He'd also not have a different heraldic emblem on his shield. This should be two opposing knights.
I do like the fat-belly armour - not seen that before. The "squire's" arms are the Roman-arm moulding - they're using that everywhere they can.
The horse riding figure has his arm-armour built in. Most of the knights I have (admittedly from a few years ago) have separate armour that you clip on over the arms - thus giving the opportunity for the squire to help with dressing. Built-in armour reduces play value to my way of thinking, though of course also fewer pieces to lose.
The Gladiator from 5817 (I think) has the same arm moulding, but of course only on one arm. Compare with the Gladiator from Gladiator with Lion 5813.