Phoenicoprocta capistrata (Fabricius 1775) (Lepidoptera: Arctiidae) is an arctiid moth reported for the Caribbean and Brazil, whose immature stages and life cycle are unknown. In this study, and for the first time, a host plant is registered and the immature stages and the captivity life cycle are described using a Cuban population. Larvae feed on fowlsfoot, Serjania diversifolia (Jacq.) Radlk (Sapindales: Sapindaceae). One complete cohort was obtained from December of 2004 to February of 2005 and about 57 days lapsed from oviposition to adult emergence. The egg is light green-yellowish and semi-spherical. Most larvae developed through 6 or 7 instars, although there were individuals with 8 instars. The last instar has a cephalic capsule width of 2.04 ± 0.06 mm (n = 29) irrespective of the number of instars. The cephalic capsule growth curves of the larvae with 6 and 7 instars have different slopes, but both follow a geometric pattern consistent with the Dyar's rule. In each larval molt the setae types and the larvae coloration change. Adult females have two color morphs, one orange-reddish and the other blue. Female descendants of blue and red females differ in the proportion of color morphs, which could indicate the existence of a female-limited polymorphism phenomenon in this species.