The island and its surrounding waters are protected by the Caja de Muertos Nature Reserve, because of its native turtle traffic and ecological value of its dry forests and reefs.

For example, in 1599-1600 it was used by a group merchants-turned-pirates who, after learning of a Portuguese ship filled with gold, silver, precious stones, other treasures, attacked it and appropriated its contents.

[21] Service was interrupted twice, after Hurricane Maria and after the 2020 Puerto Rico earthquakes, both of which badly damaged La Guancha, the area on the mainland where passengers boarded the catamarans to the island.

The Puerto Rico Department of Natural and Environmental Resources built a dock, barracks for reserve personnel, as well as a small museum, trail signs, and compost bathrooms for tourists.

In 2009, the government of Puerto Rico announced plans to make development of the island and its restoration of its lighthouse, both for tourism purposes, a priority of the DRNA.

[25][26] However, government inaction following the 2019–20 Puerto Rico earthquakes left the reserve without DRNA rangers for over a year, since the housing structure was severely damaged and not timely repaired or replaced and they limited to maritime patrolling despite having obsolete equipment and expired bulletproof vests.

This had several repercussions on the natural reserve, leading to tourists illegally breaching the perimeter, anchoring in the sand, riding jet skis, camping, hosting parties and vandalizing the remains of the fallen structure.

[24] The preservation program that monitors and protect the reproduction habitat of the hawksbill sea turtle was halted, due to the rangers being unable to follow up on their nesting habits, leaving 25 stations unattended.

[24] When queried about the situation in April 2022, the DRNA claimed that the housing structure would be eventually reconstruct since disaster mitigation funds had been approved for that purpose.

A still-functioning lighthouse, Caja de Muertos Light, established in 1887 and automated in 1945, sits atop the highest hill on the island.

[32] Caja de Muertos can be translated into English as "Coffin" or "Dead Man's Chest", there is no consensus on how the island got its current name.

The official version of the origin of the name, as given by the Puerto Rico Department of Natural Resources, and under whose care the island is currently entrusted, is as follows: "Its name is attributed to the 18th-century French writer Jean-Baptiste Labat who called it Coffre à mort (Caja de Muertos) or Bomba d'Infierno, making reference to the fact that when the island is seen from certain places in southern Puerto Rico, it gives the impression of seeing a dead person laying on a plateau.

[39] A former merchant sailor, Almeida fell in love with a Basque woman in Curaçao, married her in St. Thomas, US Virgin Islands and took her pirating with him around the Caribbean.

[43] Off the Indian coast the group turned to piracy and after learning of a Portuguese ship filled with gold, silver, precious stones, other treasures and other valuables (spices, silk, some clothing), they attacked and captured the vessel.

[43] After surviving an attempted mutiny, the Englishmen decided to take a canoe left behind by a frigate off Puerto Rico's eastern coast from where they took refuge at Caja de Muertos.

[43] Losing the smaller vessel, the Englishmen traveled to the main island in search of provisions, but one of them left behind to mind the canoe was captured and let the presence of the treasure known to the local authorities.

[44] The lone survivor, named Thomas, managed to build a makeshift boat out of wood remnants and drifted to Puerto Rico, being taken to San Germán and telling his version of the events.