The displacement equation for simple harmonic motion (SHM) is:
\[
x = A \sin(\omega t - \phi)
\]
where \( A \) is the amplitude, \( \omega \) is the angular frequency, and \( \phi \) is the phase constant.
Given:
\[
x = 5 \sin \left( 4t - \frac{\pi}{6} \right)
\]
From the equation, we can identify that the amplitude \( A = 5 \) and the angular frequency \( \omega = 4 \, \text{rad/s} \).
The velocity \( v \) is given by the derivative of the displacement with respect to time:
\[
v = \frac{dx}{dt} = A \omega \cos(\omega t - \phi)
\]
At the instant when \( x = 3 \), we can find \( t \) by solving for \( \sin(\omega t - \phi) \):
\[
3 = 5 \sin \left( 4t - \frac{\pi}{6} \right)
\]
\[
\sin \left( 4t - \frac{\pi}{6} \right) = \frac{3}{5}
\]
Using this, we calculate the velocity as:
\[
v = 5 \times 4 \times \cos \left( \arcsin \frac{3}{5} \right)
\]
which simplifies to:
\[
v = 16 \, \text{ms}^{-1}
\]
Thus, the correct answer is (D).