This is a custom version of the Army Parachutist Badge, commonly referred to as "Jump Wings" by Paratroopers around the world!
The original Army Parachutist Badge was designed in 1941 by Captain (later Lieutenant General) William P. Yarborough (original 509ther) and approved by the Department of War in March of that year. The Parachutist Badge replaced the "Parachutist Patch" which had previously been worn as a large patch on the side of a paratrooper's garrison cap. LTG Yarborough also designed the Senior and Master Parachutist Badges and the addition of stars to portray the number of combat jumps. The flash that is worn behind the badge is also a contribution of William P. Yarborough.
Airborne background trimming - Soldiers assigned to Army units on airborne status wear a cloth oval background trimming underneath their Parachutist Badge, which shares the basic design of the unit's beret flash. This is one method by which an individual can identify a parachute qualified soldier serving in a unit on active jump status, called a "Paratrooper," versus a parachutist serving in a non-airborne unit. The original background trimming was also a contribution of William P. Yarborough. Each unit's background trimming design is created and approved by the U.S. Army Institute of Heraldry (TIOH) who evaluate unit lineage, military heraldry, as well as proposed designs by unit members themselves.