The species ranges from Guatemala and Belize south to Peru, Bolivia, Paraguay, northern Argentina and Brazil.

[2] Although most commonly found around streams and other bodies of water, these bats are also present in drier areas.

Its long, thick hair is dark brown, with a slight orange tinge on the ventral side.

When foraging for food, it can locate hidden pieces of banana amongst the leaf litter on the forest floor.

[7] Other fruiting plants that are consumed by P. hastatus are species in the genera Cecropia, Piper, Solanum and Vismia.

[3] P. hastatus has a broad bandwidth call that enables it to resolve distances almost as small as 4 mm (0.16 in).

The remaining 80% of males and young females form their own large bachelor group to complete the colony.

[7] Studies by McCracken and Bradbury (1977) have shown that unrelated females in the colony often form stable factions.

[6] McCracken and Bradbury (1977, 1981) characterized the reproduction cycle of P. hastatus as follows:[6] February – April; pregnancy May – mid-July; lactation Mid-July – late October; anoestrous Late October – February; oestrous It has been hypothesized that it is females that eat vertebrates, to provide protein for lactation.