It represents the King of Kings as a lion is the king of all beasts. Others believe that it represents the male majority of the movement. Selassie wore a Lion of Judah ring that was given to Bob Marley at the time of Selassie's death. The where-abouts of the ring is unknown because it disappeared after Marley's death. What it means is that no person is priviledged than another in the basic truth of life.
All people are totally equal.