Bhimtal is named after Bhima, one of the Pandava brothers of Mahabharata. Bhimeshwara Mahadev Temple is an old Shiva temple, located on the embankment of Bhimtal Lake. It is believed that a temple was already there during the time of Bhima, when he had come to this place during the exile period of the Pandavas.However, the present temple was built by Baz Bahadur - a king of the Chand Dynasty along with the Raja of Kumaon. The 17th century temple is located by the 40 feet high Victoria dam.