It is one of the few mythological pictures by the Venetian artist. Completed in 1514, it was his last major work. It is now in the National Gallery of Art in Washington D.C., which calls it "one of the greatest Renaissance paintings in the United States".

The painting is the first major depiction of the subject of the "Feast of the Gods" in Renaissance art, which was to remain in currency until the end of Northern Mannerism over a century later. It has several similarities to another, much less sophisticated, treatment of the 1490s by the Florentine artist Bartolomeo di Giovanni, now in the Louvre.

The painting shows the incident of the attempted rape of Lotis. She was a nymph mentioned by Ovid, the daughter of Neptune or Nereus. During a festival in honor of Liber that she attended, Priapus tried to rape her while she was asleep, but she was awakened by a sudden cry of Silenus's ass and ran off, leaving Priapus in embarrassment as everyone else woke up too and became aware of his intentions. The story is shown at the edges of the composition, in a somewhat undramatic fashion presumably showing a moment shortly before the key incident, with Silenus and his ass at left and Priapus and Lotis at right (and everyone but Lotis still wide awake). The subject had been depicted in the first illustrated edition of Ovid in Italian, published in Venice in 1497. Another depiction of this rare subject in a Venetian print of 1510 has a very similar pose for Lotis but places much greater emphasis on the erotic nature of the story, including Priapus's outsize penis, here only a hint under the drapery.

According to Wikipedia