The correct answer is option 2 Ibrahim Lodi.

Option 1, Bahlul Lodi, was the founder of the Lodi Dynasty and ruled from 1451 to 1489.

Option 3, Daulat Khan Lodi, was a powerful noble in the Lodi dynasty but did not become the ruler.

Option 4, Sikandar Lodi, was the successor of Bahlul Lodi and ruled from 1489 to 1517.

Ibrahim Lodi was the last ruler of the Lodi Dynasty and his reign lasted from 1517 to 1526. He faced significant challenges from the emerging Mughal Empire led by Babur. In the Battle of Panipat in 1526, Ibrahim Lodi was defeated by Babur, resulting in the end of the Lodi Dynasty and the establishment of the Mughal Empire in India.