An electric circuit model for a circular bimorph piezoelectric micromachined ultrasonic transducer (PMUT) was developed for the first time. The model was made up of an electric mesh, which was coupled to a mechanical mesh via a transformer element. The bimorph PMUT consisted of two piezoelectric layers of the same material, having equal thicknesses, and sandwiched between three thin electrodes. The piezoelectric layers, having the same poling axis, were biased with electric potentials of the same magnitude but opposite polarity. The strain mismatches between the two layers created by the converse piezoelectric effect caused the membrane to vibrate and, hence, transmit a pressure wave. Upon receiving the echo of the acoustic wave, the membrane deformation led to the generation of electric charges as a result of the direct piezoelectric phenomenon. The membrane angular velocity and electric current were related to the applied electric field, the impinging acoustic pressure, and the moment at the edge of the membrane using two canonical equations. The transduction coefficients from the electrical to the mechanical domain and vice-versa were shown to be bilateral and the system was shown to be reversible. The circuit parameters of the derived model were extracted, including the transformer ratio, the clamped electric impedance, the spring-softening impedance, and the open-circuit mechanical impedance. The theoretical model was fully examined by generating the electrical input impedance and average plate displacement curves versus frequency under both air and water loading conditions. A PMUT composed of piezoelectric material with a lossy dielectric was also investigated and the maximum possible electroacoustical conversion efficiency was calculated.