It is a plush, stuffed animal collectible toy from the Ty Beanie Buddies collection.
This particular bear is the "Peace" bear, recognizable by its vibrant tie-dye colors and the peace symbol embroidered on its chest.
It measures approximately 14 inches in size and was released in 1999 as a retired item.
It comes with both the heart-shaped hang tag and the tush tag, indicating it's a collectible item