The question addresses the behavior of $Sn^{2+}$ and $Pb^{4+}$ in relation to their oxidation and reduction properties due to the inert pair effect. The inert pair effect is the tendency of the $ns^{2}$ electrons in heavier p-block elements to be reluctant to participate in bonding. This reluctance leads to the elements under study exhibiting certain oxidation states more readily than others.
Hence, the correct answer is: $Sn^{2+}$ is reducing while $Pb^{4+}$ is oxidising.