Arthur Rachow, an aquarist from Germany, brought specimens of I. rachovii to the attention of British ichthyologist Charles Tate Regan, thereby assisting in the discovery and description of a new species.

The red coloration originates in the upper half of the eye, and can be traced the length of the body, ending before the caudal fin.

The black stripe encompasses the bottom of the eyes, and meets a patch of dark pigmentation in the middle of the caudal fin.

[4] The specific name "rachovii" honors German aquarist Arthur Rachow, who brought the type specimen (collected previously, under the assumption that it was a different species) to the attention of the British Museum of Natural History.

[9] It tends to inhabit the margins of its native streams, which are usually clearwater, and does not demonstrate a notable preference for the presence of currents, found in areas of variable flow.

[1] Though I. rachovii was lauded by aquarists upon publication for its appealing coloration, collectors were cautioned that it has been observed eating plants commonly found in aquarium settings, like Heteranthera and Cabomba.

[3] Iguanodectes rachovii has a Red List evaluation of Least Concern, abundant in its wide native range and with few immediate threats to its population.