Specifying display of a new Paragraph type with images using HTML/twig?
In Drupal, the specifying the generation of HTML from Paragraph types (as well as other types in Drupal) is done via the misnomer "theming." 


First create a
sub-theme.
Next, copy the
/modules/contrib/paragraphs/templates/paragraph.html.twig file into
your sub-theme's templates folder and name it
paragraph--figure--default.html.twig.
Add the following code below the set classes closing brace %} which specifies the parameters for the image you'd like to display.

{%
  set imagestyle = {
    '#theme':      'image_style',
    '#style_name': 'large',
    '#uri':        content.field_image['#items'].entity.uri.value,
    '#alt':        content.field_image['#items'].entity.alt,
    '#attributes': { class: 'myimage' },
  } 
%}

Last, replace {{content}} with the code below: 

&lt;figure&gt;
    {{ imagestyle }}
    &lt;figcaption&gt;{{ content.field_caption }}&lt;/figcaption&gt;
&lt;/figure&gt;



Note: Using {{ content.field_image }} directly inside &lt;figure&gt; instead of specifying a structure with theme image_style will not work.