It is a device used for smoking specially prepared and flavored tobacco, often through water filtration.
Key features visible in the image include:
A base (the blue, bottle-like bottom part) that holds water, through which the smoke is cooled and filtered.
A stem (the metallic and black vertical part) that extends from the base and connects to the bowl where the tobacco is placed.
A hose (the blue tube) through which the smoke is inhaled.
A bowl (the black part at the very top) where the flavored tobacco is heated.