The Collaborative International Dictionary of English v.0.48:

Baphomet \Baph"o*met\, n. [A corruption of Mahomet or Mohammed,
   the Arabian prophet: cf. Pr. Bafomet, OSp. Mafomat, OPg.
   Mafameda.]
   An idol or symbolical figure which the Templars were accused
   of using in their mysterious rites.
   [1913 Webster]