Makardhwaja / Magardhwaja as per Hindu Mythology, is son of Hanuman, who makes his appearance in epic Valmiki Ramayana.
When Hanuman took a dip in the waters of sea, after burning whole of Lanka with the fire burning on his tail, a drop of his perspiration fell in to mouth of a mighty fish. Out of this the Makardhwaja was born.
According to another, slightly different version, when Hanuman took a dip in sea, for cooling himself after burning Lanka; a drop of his seed got discharged, due to extreme heat generated in his body and labor by him, which fell in to mouth of a giant fish-cum-reptile like creature, whose name was Makardhwaja, thus making it pregnant.
The fish was caught by people of Ahiravana, who ruled Patala, the nether-world. The Markardhwaja, was discovered, when stomach of fish was cut open and named after it. Ahiravana, seeing his strength & virility gave him job of guarding, the gates of his Kingdom.
According to Ramayana told by Valmiki, when Ahiravana took Rama and Lakshmana to Patala, Hanuman followed them to their rescue. He was challenged at the gate of Patala by a creature, who was part Vanara and part reptile - a Makara. He introduced himself Makaradhwaja and son of Hanuman, the mighty warrior.
Hanuman was amused and said that, I am myself the Hanumana but he could not be his son, as he was born celibate. However, Hanumana then closed his eyes in dhyan to see the events described above of Makardhwaja's birth.
Makardhwaja asked him for his blessings, however, he said to Hanuman, that he will have to fight him to enter Patala, as he cannot betray Ahiravana, his mentor. Hanuman defeats Makaradhwaja in a duel and binds him to proceed further to ultimately kill Ahiravana and rescue Rama & Lakshamana.
Later on, upon Rama's advice he installed Makardhwaja, as King of Patala before returning to Lanka, to continue war with Ravana.
Source: Wikipedia
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