The power and the deadliness of the scorpion was known to the ancient Egyptians, depicted on tombs and on monuments. In this instance, the inclusion of a scorpion most likely refers to the goddess Serqet, a protective goddess associated with venemous bites and snakes. Like most protective goddesses, her generosity and protectiveness was counterbalanced by a fierce, retributive nature. She was depicted with a scorpion on her head or as a female-headed scorpion. Due to her protective nature she was also associated with embalming process and re-birth. Her most famous depiction being on the alabaster chest that housed the canopic jars of Tutankhamun, shielding the visceral remains of the pharaoh.
To find out more about Ancient Egyptian amulets please see our relevant blog post: Egyptian Amulets and their Meanings.