Carlo II was the son of Leonardo II Tocco, the younger brother and co-ruler of Carlo I Tocco, count of Cephalonia and Zante, duke of Leukas, and ruler of Epirus.
The Ottoman general entered into negotiations with the anti-Latin faction in Ioannina and, after guaranteeing the privileges of the nobility, obtained the surrender of the city on October 9, 1430.
Carlo II died in October 1448 and was succeeded by his son Leonardo III Tocco.
After the Ottoman conquest, the Tocco territories became a sanjak under the name of "Karlı İli", derived from Carlo II.
By his marriage to Ramondina of Ventimiglia, Carlo II Tocco had four children: He married a daughter of Maurice Spata sometime after 1415.