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The correct answer is option 2: Cholas, Pandyas, and Cheras.
The passage mentions that in the early history of the far south in India, three tribal principalities are mentioned in Ashokan inscriptions of the third century BC and in Kharavela inscription of the first century BC.
To identify the three tribal principalities, we need to refer to the Ashokan and Kharavela inscriptions. The answer option 2 includes the Cholas, Pandyas, and Cheras, which are correctly mentioned as the three tribal principalities.
Option 1, which includes Vakatakas, Cholas, and Satvahanas, is incorrect as the Vakatakas and Satvahanas are not mentioned in the passage.
Option 3, which includes Ikshvakus, Vakatakas, and Pandyas, is incorrect as the Ikshvakus are not mentioned in the passage.
Option 4, which includes Pallavas, Cholas, and Pandyas, is incorrect as the Pallavas are not mentioned in the passage.
Therefore, the correct answer is option 2: Cholas, Pandyas, and Cheras.