Butterflies in the genus Caligo are commonly called "Owl" butterflies due to the presence of large eyespots (ocelli) on the underside hindwings, which resemble the eyes of the familiar birds of prey. The function of butterfly (and all other insects') eyespots are not conclusively known, but it is thought they distract would-be predators.
Larvae of the genus feed on leaves of the banana plant, and are considered a major agricultural pest in South American countries that produce the crop.