[Tiger Balm](https://en.wikipedia.org/wiki/Tiger_Balm) is made out of Menthol, Camphor, and a few other chemicals, as well as the actual ointment portion of petroleum jelly or such.
The active ingredients will all stimulate surface nerves. Some will make the cold nerves active, some will make the heat nerves active, and some will do both. And they all have a strong smell. The combination of all of these things will disrupt pain signals from your nerves, and the smell will help trigger your memory of similar situations (and how you felt better for those ones as well).
So it basically makes you stop hurting (at a surface level), smells interesting, and then by the time it wears off the underlying pain is usually better because you rested the ache or the sprain.
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