Bhairavi is probably the most common of all raags. Bhairavi is an aspect of Devi in her terrifying aspect, very similar to Kali, except she is the consort of Bhairava. Bhairavais the most horrific aspect of Shiva, in his manifestation of annihilation. He is worshipped especially by the Aghori sect.
So what you have here, I presume, is the depiction of Devi worshipping Shiva, specifically Bhairavi worshipping Bhairava. Except I never get the sense of the terrifying aspect implied by these God names in this raag. It seems to be depicted by an almost sexual worshipping of young maidens of Shiva in his phallic form. There is something intimate and private about this scene. I'm not sure if it has any fertility aspect, which you would think the case by the paintings.
I'll find a nice example of the raag to put up.