Marchon Air Commander from the Mysterians collection.

Convertible toys were taking off in the mid-80s, with Transformers first hitting the market in 1984. Marchon released a line of convertible robots in 1984, too. This was the Mysterians, a line of 6 figures, including Air Commander. I had one of these, the Major Repair Robot, which is surprising as I don't remember still buying toys this late into the eighties.

I love the schematic included as card art (images from here). Air Commander comes equipped with "Twin movable radar sensitive radar guns [that] provide front & rear attack defense". "Head shield opens to reveal x-ray scanner eyes". "Hidden body compartment hides swivel laser arms". "Armor plated droid is computer controlled from central attack station". "Central compartment flips down to release secret RADAR droid". "Side panels open to expose 2-way terrain stabilizers & movable roller wheels".