Owl Butterfly - Caligo sp.
Family Nymphalidae (Brushfoots) / Subfamily Brassolinae
Range: Belize, Costa Rica, Ecuador
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. Reference:
http://www.cirrusimage.com/butterfly_owl.htm