The First Factory Act came into being during the time of Lord Ripon (Option 3), making this the correct answer. It was a pivotal act that limited the working hours of women and children in factories and gave local governments the authority to impose necessary rules.

Option 1, Lord Lytton, is incorrect. Although he implemented significant policies during his tenure, the First Factory Act was not among them.

Option 2, Lord Bentinck, also did not pass the First Factory Act during his rule. He is more renowned for abolishing sati and allowing widows to remarry.

Finally, Option 4, Lord Canning, is also incorrect. He served before Lord Ripon and his rule is more associated with the time of the Indian uprising in 1857 rather than labor laws.

Hence, Option 3, Lord Ripon is the correct answer. He is the viceroy under whose authority the First Factory Act was passed, bestowing labor rights to women and children.