Correct Answer - Option 2 : 126 : 344
The pattern followed here is,
217 : 513 = (6)3 + 1 : (8)3 + 1
Similarly,
I. 26 : 342 = (5)2 + 1 : (7)3 - 1
II. 126 : 344 = (5)3 + 1 : (7)3 + 1
III. 64 : 217 = (8)2 : (6)3 + 1
IV. 49 : 730 = (7)2 : (9)3 + 1
So, option (2) is followed this pattern but other three options not followed.
Hence, "126 : 344" is the correct answer.