Previously placed in the genus Avicularia, C. versicolor is native to Martinique in the Caribbean Sea.

Spiderlings of C. versicolor are bright blue with a black tree trunk pattern on the abdomen.

As they grow, they gradually lose their blue coloration; the carapace turns green, the abdomen red, and the legs turn green with pink tarsi and a covering of purple hairs.

This causes nomenclatural problems, since when later workers synonymized Mygale versicolor or transferred it to another genus, they may have ultimately based their decisions on either the female or the male.

Caroline Fukushima and Bertani in 2017 treated Mygale versicolor as the female specimen (actually believed to be from Martinique), designating a neotype.