The meaning of the Baphomet by Eliphas Lévi:

“The goat which is represented in our frontispiece bears upon its forehead the Sign of the Pentagram with one point in the ascendant, which is sufficient to distinguish it as a symbol of the light. Moreover, the sign of occultism is made with both hands, pointing upward to the white moon of CHESED, and downward to the black moon of GEBURAH. This sign expresses the perfect concord between mercy and justice. One of the arms is feminine and the other masculine, as in the androgyne of Khunrath, whose attributes we have combined with those of our goat, since they are one and the same symbol. The torch of intelligence burning between the horns is the magical light of universal equilibrium; it is also a type of the soul exalted above matter, even while cleaving to matter, as the flame cleaves to the torch. … The caduceus, which replaces the generative organ, represents eternal life; the scale-covered belly typifies water; the circle above it is the atmosphere, the feathers still higher up signify the volatile; lastly, humanity is depicted by the two breasts and the androgyne arms of this sphinx of the occult sciences. … The dread Baphomet henceforth, like all monstrous idols, enigmas of antique science and its dreams, is only an innocent and even pious hieroglyph….  Baphomet is not a God; He is the sign of initiation.

– Eliphas Lévi – Transcendental Magic, its Doctrine and Ritual