Bhagwan Vishnu`s third avatar was the fierce Narasimha avatar. As per the Agni Purana, the demon Hiranyaksha the king of the Asuras who can been slain by Varaha or the third avatar of Vishnu had a bother called Hiranyakashipu
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Hiranyakashipu on learning of the death of is brother went into a fit of rage and vowed to kill Bhagwan Vishnu. Through rigorous meditation be began praying to Brahma. This pleased Brahma and he offered to grant a boon. @Sanjay_Dixit @desimojito @anuradhagoyal

Initially Hiranyakashipu asked for immortality, but Brahma refused this. So he then asked for the following boon the he cannot be killed
-In day or night
-By a man, woman or beast
-In sky water or earth
This boon was granted by Lord Brahma.

Convinced that he took care of all possibilities, Hiranyakashipu began to waging wars against the gods and eventually drove them out of the three worlds to heaven. In desperation they prayed to Vishnu to save them. Vishnu promised to find a solution for their trouble.

Hiranyakashipu had a son named Prahlad. Prahlad strangely became devoted to Bhagwan Vishnu. This made Hiranyakashipu furious. He initially tried to dissuade his son. When the same didn`t work, he tried to kill Prahlad. Try as he may, he didn`t succeed.

Perplexed, one day he called Prahlad to him and asked the reason he was able to escape death every time. Prahlad answered that it was Vishnu`s wish and Vishnu was everywhere. Angered Hiranyakashipu asked Prahlad if Vishnu was there inside the palace.

When Prahlad answered in the affirmative, Hiranyakashipu kicked the pillar. The pillar broker into into and from it emerged the mighty Narasimha avatar of Vishnu. The fierce Nrasimha was part lion and part man.

Narasimha got hold of Hiranyakashipu and placed him across his thighs. With his claws, he tore apart the demon`s chest and killed him without violating nay condition of Brahma`s boons. Narasimha was neither man nor beast, he was half man & half beast.

While the boon stated that Hiranyakashipu could not be killed during night or day, he was killed during twilight. This condition was not violated. Additionally Hiranyakashipu was killed on Narasimha`s thighs and not in sky, earth or water.

Thus the third condition was not violated either. After Hiranyakashipu died, gods were restored to their rightful places and Vishnu made Prahlad the king of the Asuras. Bhagwan Vishnu is the preserver of the universe and takes the form of avatar during critical times.

Whenever the balance of the universe tilts in favour of evil, the Vishnu avatar appears to destroy evil an restore this balance. So far out of ten prophesied avatars nine have appeared and last incarnation i.e Kalki avatar is awaited.

~Om Namo Narayanaya~