In 1938 15-year-old Scout Martins, along with many other passengers, was seriously injured in a train accident, but refused the offer of a stretcher, saying that others needed it more than he.
The stadium was built under the administration of then-Rio de Janeiro state Governor Ernâni do Amaral Peixoto, who wanted a team from Niterói club competing in the Campeonato Carioca.
The inaugural match was played on July 20, 1941, when Vasco da Gama beat Canto do Rio Futebol Clube 3-1.
In 1938, Botafogo inaugurated Estádio General Severiano, but the low maximum capacity of that stadium was the main reason why, some time later, Botafogo adopted Caio Martins as their home ground against minor clubs (Estádio do Maracanã is the ground used against the big clubs).
The stadium's attendance record currently stands at 13,160 people, set on April 26, 1992 when Botafogo beat Santos 2-0.