[1][5] The site was first reported by a native logger named Rosa Mai, who came across its remains in 1937, while searching for mahogany hardwood trees to exploit.

In 1938, the archaeological commissioner A. Hamilton Anderson, visited the site for two weeks along with a colleague, Hugh Blockley Jex, who later became Inspector of Crown Licence.

More extensive explorations and documentation of the site was undertaken by Satterthwaite, of the University of Pennsylvania Museum of Archaeology and Anthropology, from 1950 to 1953.

[2] The Caracol Archaeological Project, ongoing every year since 1985, is directed by Arlen and Diane Chase of the University of Nevada, Las Vegas, (UNLV) United States.

The 1988–1989 field seasons researched the southeast section of the site, between the Conchita and Pajaro-Romonal Causeways, to determine the impact of the Tikal-Naranjo wars.

In the spring dry season of 2009, they conducted a LiDAR survey with an aircraft that allowed a very rapid assessment of the entire site and surrounds, mapping 200 square kilometres (77 sq mi), with results published in May 2010.

[11] The only road the site can be accessed by is paved for the last 16 km (9.9 mi) and leads to the Western Highway between San Ignacio and Belmopan and to Santa Elena.

[1] The site covers approximately 200 square kilometers,[3] and within this area, structures are generally situated equidistantly and are integrated with the terrace system.

The town grew into one of the largest ancient Maya cities, covering some 177 km2 (68 sq mi) with an estimated population of over 100,000[7][17] with settlement focused along the many radiating causeways (potentially peaking between 120,000 and up to 180,000).

[7] By the Early Classic, between AD 250 and 550, Caracol was tied into extensive trade networks and pan-lowland ideological systems,[7] leading to a unified regional economy.

Special Deposit C117F-1, a Teotihuacan style cremation of three individuals dates precisely to this period, indicating early influences from northern Mexico.

Tikal's influence weakened during the mid-sixth century; losing control of Naranjo, located halfway between the two cities, 42 km (26 mi) from each site,[19] to rival Calakmul.

[22] K'an II is described as the most successful Caracol ruler, reigning for 40 years from AD 618 to 658, he expanded the causeway system and saw an increase in the site's population.

[20] In AD 627 (9.9.14.3.5), Lord K'an II attacked Caracol's sometime ally Naranjo, in a hubi (destruction) war.

[20] During K'ahk' Ujol K'inich II's reign, Caracol was defeated in a star war by Naranjo, whose only monuments appear at La Rejolla.

However, the transition to the Terminal Classic sees a shift away from symbolic egalitarianism, when the elite developed their own ceramic traditions and had access to goods no longer available to the populace.

Preclassic small sedentary villages followed by development of monumentality and larger centers c. 900–600 BC Earliest archaeologically known habitation at Caracol proper c. AD 70 Structure A6-1st, "Temple of the Wooden Lintel", constructed and consecrated; locus B34 burial; full Maya ritual complex present at Caracol c. AD 150 Elaborate burial placed in Structure B34 locus

Accession of Lord Smoke Skull (K'ahk' Ujol K'inich II) who is only known from monuments at La Rejolla

Stela 21 erected and capture of Ixkun lord noted Beginning of Caracol's epigraphic hiatus (AD 702–798)

Erection of Stela 11 and Altar 23 Capture of 3 prisoners, including Ucanal lord, by Caracol Ruler Joy K'awiil

Te' K'ab Chaak (Tree Branch Rain God) is the dynastic progenitor of Caracol, yet is only known from two Late Classic back dated texts.

[20] K'ahk' Ujol K'inich I (also known as Ruler I, or Smoking Skull I) appears on the 6th century genealogical text of Stela 16, but his place in the line of reigning lords is unknown.

[20][21] Stela 15 text gives his parentage statement, and tells that his accession was overseen by a higher authority, either another lord or a divine being.

Yajaw Te' K'inich II (also known as Lord Water), son of K'an I and named after his grandfather, acceded to power in AD 553 - 9.5.19.1.2.

As told on Altar 21, Yajaw Te' K'inich II's accession takes place under the auspices of the Tikal Lord Wak Chan K'awiil.

Martin and Grube[20] suggest that this action drove K'ahk' Ujol K'inich from Caracol, at which time he may have fled to La Rejolla 12 km to the northwest.

In one of the cave's chambers dated to AD 692 is a text referring to a Caracol elite named Tz'ayaj K'ajk', who carries the emblem glyph, but not the k'inich ajaw prefix.

He likewise appears in the Naj Tunich, and also lacks the k'inich ajaw prefix, leaving his royal status in question.

[20] He commissioned the B-Group Ballcourt, the markers of which date back to the dynastic founder Te' K'ab Chaak.

K'inich Toobil Yopaat's (also known as Ruler X and XI) accession date is not certain, but he erected five (possibly six) monuments (**Stelae 18, 19, Altars 12, 13), and seems to have repaired relations with Ucanal.