What kind of lacquer or stain should I use on a mahogany dresser?

I recently bought an old mahogany dresser that someone (gasp!) painted white. I am going to strip the paint and sand it, but how should mahogany be finished? The natural color of the wood is quite beautiful, so I would like to preserve that. I also would prefer to finish it as “naturally” as possible, and not use a lot of stinky chemicals.