The Wheel of Fortune, or Rota Fortunae, is a concept in medieval and ancient philosophy referring to the capricious nature of Fate. The wheel belongs to the goddess Fortuna, who spins it at random, changing the positions of those on the wheel - some suffer great misfortune, others gain windfalls. Fortune appears on all paintings as a woman, sometimes blindfolded, "puppeteering" a wheel.
Read more about Rota Fortunae: Origins, Later Usage