The festival of Holi involves the playing of colors and is associated with the story of:

Prahlad and Hiranyakashipu
Lord Rama and Sita
Lord Krishna and Radha
Shiva and Parvati

The correct answer is: Prahlad and Hiranyakashipu.

Holi is a Hindu festival that celebrates the arrival of spring. It is also known as the festival of colors, as people throw colored powder and water at each other during the celebrations. The festival is associated with the story of Prahlad, a young boy who was devoted to the god Vishnu. Prahlad’s father, Hiranyakashipu, was a demon king who was opposed to Vishnu. He tried to kill Prahlad many times, but Prahlad was always protected by Vishnu. Finally, Hiranyakashipu was killed by Vishnu, and Prahlad was victorious.

The story of Prahlad and Hiranyakashipu is a reminder of the triumph of good over evil. It is also a celebration of the arrival of spring, a time of new beginnings.

The other options are incorrect because they are not associated with the story of Prahlad and Hiranyakashipu. Lord Rama and Sita are the main characters in the Ramayana, a Hindu epic. Lord Krishna and Radha are the main characters in the Bhagavata Purana, a Hindu scripture. Shiva and Parvati are the main deities in Shaivism, a Hindu sect.