The correct option is A Statement I is True and Statement II is True and is a correct explanation of Statement I.
An object falling from a great height first accelerates due to gratuity but as its velocity increases, the viscous force increases, this keep on increases to a point where the viscous and buoyant force balances the weight of the body and thus a terminal velocity is reached.
The equilibrium equation,
6πηrv+vρairg=Vρg
(viscous force)(buoyant force) (weight of the body)