I recently removed an abominable drop ceiling from my dining room and found this close to the ceiling on the one side of the room.
There is definitely a stud between these two holes. On the other side of the wall, there is another wall perpendicular to this one, so I'm thinking there is several studs there and that's why someone did this.
My question is what would be the logical steps I should follow to get this into the wall?
EDIT: I figured out what is on these wires. This loop has four light fixtures and two outlets on it. In the room next to it is a drop ceiling (that I have not removed yet since the frame of it is supporting an air duct (thanks previous owner...) and there are two more wires just like this one, though much further from the receptacle--probably a good 10-15 ft in each direction. So to do the method described in the answers would work for the wire in the picture, but it sounds like a lot of work for a long run.