This is the Ecuadorian flag. It is composed by three colors and it has a shield of arms in the middle of the flag.
The yellow means the Sun and the Gold of their ancestors. It is also a symbol of generosity.
The blue means the sea and the sky of this country.
The red means the blood that the patriots and heroes gave for freedom.
The Condor: The big bird on top of the shield, stretches its wings to symbolize power, greatness and strength of Ecuador
The Snowcapped This is Chimborazo Volcano rising against a blue sky.:This is Ecuador's highest peak and the furthest point from the center of the Earth. It means the Height or Altitude of Ecuador
The River: Is the Guayas river and means the beauty of its waters symbolizing the wealth of the regions.
The Ship: The ship on the river is named Guayas as well. It also means the commerce trade and navigation.
The flags of Ecuador, Colombia and Venezuela are very similar (all the same colors) because upon their independence in 1822 they formed a confederation called The Gran Colombia. After they separated in 1830, they all retained the same flag design.