Its name comes from the Kichwa indigenous language and means "Lago del Cuy" or Guinea Pig Lake in English.

These animals play a significant part in the everyday life of Ecuadorians, as they reproduce rapidly and need a minimum of food and care to survive.

In combination with other eruptions from nearby Imbabura, Mojanda, Cotacachi, and Cayambe, Cuicocha is responsible for the fertile soil of the Otavalo Valley.

During the second day of Inti Raymi (or Sun Festival) every summer solstice, indigenous shamans use Cuicocha as a bath for ritual cleansing and purification.

[6] In respect of it being a 'volcanic complex with a spectacular 3km wide active volcanic caldera, with many documented records of violent historic eruptions', the International Union of Geological Sciences (IUGS) included 'The Cotacachi - Cuicocha volcanic complex' in its assemblage of 100 'geological heritage sites' around the world in a listing published in October 2022.