This item is a Hasbro Marvel Legends Series 6-inch action figure.  The character is Iron Man (Tony Stark) in his Modular Iron Man armor from the 1990s.

This action figure is a part of the Ursa Major Build-A-Figure Wave, however this figure never included a BAF piece in the original packaging.  The back of the packaging gives more information on which figures include BAF pieces, and it shows that, although this figure is a part of the Ursa Major Wave, it doesn't include a piece of Ursa Major.