In Act II, one of the 3 attractions you have to repair is the Puppet Show. This area is located to the right hand side near the back as you face away from the main tent. The game will force you to arrive here so don't get to worried searching for it right away.
Once you arrive, you will discover that the puppet show is actually a shadow show, and surprise, the princess is missing. So you shift into the show to fill the role.
You will face 3 separate areas as you go off to discover what happened to the prince, and this puzzle is on the first area. You will ace some basic jumping puzzles and then the game dialogue will warn you that you come to a deep waterway with crocodiles. As soon as the first one snaps its jaws shut, start jumping. There are 4 crocodiles to clear, and provided you get across all four to the other side without falling in the water, you will net this Trophy.
Note: All trophies can be attempted again through Chapter select. Just select "All the pretty horses" and head to the Puppet Show area to attempt this one again.