Looks like it is probably a Y-splitter for a molex cable does the other end of it have a female connection ? THey are normally used for something like a fan or LED light that needs some power but not alot - and are designed so that you can plug a male Molex connector into the one end and then still use that male molex connector from the PSU to say a HDD or DVD drive - If you look at your pic the other end that is below your hand connects to a molex cable from your psu and 2 wires run to the fan or LED on the case and the connector you are holding is then the same as a molex connector from the PSU.
So basically it is just used to splice of a small amount of power to run a fan or similar without using up one of your PSU molex connections. (in other words the male molex connector from the PSU connects to the Female end of that wire - then 2 wires splice off to run the fan or whatever and the male end you are hoilding can now continue to be used to run a HDD or DVD drive just like the cable had come from the PSU.