It inhabits most of eastern North America, primarily east of the Rocky Mountains, and is in season during the summer and fall months, but can also be found in China and Nepal.

Its fruit body, the mushroom, is classed as medium or large in size, which helps distinguish it from the many similar appearing species that have a smaller stature.

[2] American mycologist Charles Horton Peck named a species collected in Sandlake, New York, in 1870, Boletus bicolor.

Although this naming is considered illegitimate due to article 53.1 of the International Code of Botanical Nomenclature,[3] Peck is still given as the authority in the Bessette et al. (2000) monograph of North American boletes.

The spores appear nearly hyaline (translucent) to pale dingy ochraceous when mounted in potassium hydroxide solution (KOH), have a smooth surface, and measure 8–12 by 3.5–5 μm.

The tube trama is divergent and gelatinous, originates from a single central strand, not amyloid, and will often stain yellow-brown when placed in dilute potassium hydroxide (KOH).

[16] The two-colored bolete is an edible mushroom, although some may have an allergic reaction after ingestion that results in stomach upset.

If the cap is a lighter red, then it is less mature and is in a stage where it is often larva infested or it can be soft fleshed, in some cases both.

[18] The two-colored bolete is distributed from southeastern Canada and the Great Lakes Region, primarily east of the Rocky Mountains, as far south as the Florida peninsula, and out to the Midwest as far as Wisconsin.

[26] B. peckii differs from the two-colored bolete by having a smaller average size, a rose red cap that turns almost brown with age, flesh that is paler in color, and a bitter taste.

B. speciosus differs from the two-colored bolete by having a fully reticulated stem, more brilliant colors, and very narrow cylindrical spores.

This species has not been as thoroughly researched as the two-colored bolete, thus macrochemical tests, edibility, distribution range, and the spore print color are all unknown.

[29] Both varieties have a very similar habitat to that of the main species, except they appear to be limited to just the North American continent.

Both varieties also have a slightly different coloration than that of the two-colored bolete, have deeper pores, and are not as often eaten or used in regional recipes.