The one goat is to be sacrificed as “a sin offering.” It’s death is to signify how one day Jesus’ would die in our place. That God accepts the death of a substitute on our behalf. That substitute being Christ alone. Our sin is atoned for in that the debt is paid. “The wages of sin is death”, and in Christ, our wages have been fully paid. FULLY Child of God, completely. Christ has died. And so we who trust in His death on our behalf have eternal life.

The conjectures surrounding the 2nd goat and the meaning of Azazel in this passage are myriad.

Some of the Jewish commentators link it with a demon – the goat-demon perhaps mentioned in Lev. 17:17. And so it hints at the idea that the Priest symbolically sends our sins (under god’s authority) to the demons who are utterly rejected by God, and dwelling away from His presence, and the sins which attend them. That they, our sins and the demons belong together.

Perhaps similarly Azazel may refer to the devil, his demons, and death and hades because all are consigned to the same lake of fire together.

The picture then is this: Our sins are as removed from us as the devil and his demons are in final judgment. This is another glorious aspect of what Christ’s atonement accomplishes.

Christ pays for our sin in His death, but He also removes our guilt as far away from us as Hell itself, so that we bear it no more – but are declared righteous with the righteousness of Christ.