[3] Des Murs described the carunculated caracara as Phalcobænis carunculatus in 1853, and as a species of Polyborus in an earlier unpublished description from 1845.

Their lower belly, undertail coverts, underside of the wing, and tips of the flight and tail feathers are pure unmarked white.

It inhabits the temperate zone above treeline, where the landscape is páramo or grassy pastures with scattered bushes.

[8][9] As far as is known the carunculated caracara is a year-round resident, but is somewhat nomadic within its range, gathering in flocks that may number more than 100 outside the breeding season.

Its diet includes worms, insects and their larvae, other invertebrates, amphibians, small lizards and mammals, nestling birds, carrion, and vegetable matter like grain.

As of early 2023, the Cornell Lab of Ornithology's Macaulay Library had only one recording of carunculated caracara flight calls.

Though it has a restricted range and an estimated population of fewer than 6700 mature individuals, the latter is believed to be stable.

[1] It is considered uncommon to locally common and "relatively secure at present, given that [its] habitat [is] not under significant pressure".