Baphomet has its origins in the “Goat of Mendes.” Baphomet was also one of the aliases of Aleister Crowley. Baphomet has also been called the “Goat of Mendes” and the “Black Goat.”
The Baphomet evolved over the centuries. The most widely known representation of the Baphomet is the drawing by 19th century French magician Eliphas Levi called “the Baphomet of Mendes.” Levi combined the images of the Tarot Devil card and the he-goat worshipped in the city of Mendes in Ancient Egypt.
Levi’s famous drawing of Baphomet depicts a male/female image representing the dualistic nature of life. Female breasts and the phallus, one arm masculine, the other feminine, one arm pointing up and the other pointing down representing the Hermetic principle of “as above, so below.”
Source: The Encyclopedia of Witches and Witchcraft by Rosemary Ellen Guiley © 1989 Entries on “Baphomet” pages 21-22 and “Knights Templar” pages 186-187