Via Khenpo Karthar Rinpoche:

"The first two, the inner arms, have palms joined at the heart, holding a sky-blue, wish fulfilling jewel. This symbolizes that in whatever way Chenrezig manifests to benefit beings, the quality of Chenrezig's mind is never separate from the all pervasive, non referential state of dharmakaya (primordial wisdom).

"The four arms and hands signify the four immeasurables: immeasurable loving kindness, immeasurable compassion, immeasurable joy, and immeasurable equanimity. Chenrezig, the Bodhisattva of Boundless Compassion, is the very embodiment and realization of the four immeasurables. The four immeasurables are the vehicles through which Chenrezig benefits beings; therefore, Chenrezig has four arms.

"In the outer right hand, Chenrezig is holding crystal beads and moving them the way we use a mala to count mantras. This symbolizes that there is not one moment when Chenrezig does not benefit beings. Like the steady movement of counting the beads, Chenrezig is continuously benefiting sentient beings and turning the wheel of enlightened activity.

"In the outer left hand, Chenrezig holds a lotus flower. This symbolizes that, in benefiting sentient beings, Chenrezig manifests in whatever forms are necessary in accordance with the mental capacities, circumstances, and aptitudes of sentient beings. For instance, if Chenrezig appeared in the form of a human among certain kinds of sentient beings, (animals, for instance), these animals might run away. For this reason, Chenrezig may appear in the form of an animal. In a similar way, Chenrezig may appear in any of the different realms, such as the hell realm or the hungry ghost realm. However Chenrezig may appear, he remains free from any of the samsaric stains of the various realms, the way a lotus flower growing in a swamp appears free of the stain of the mud. The left hand of Chenrezig, holding the flower, symbolizes that stainlessness."

Khenpo Karthar Rinpoche