It has a minor presence in the aquarium trade, but lacks the popularity that would make excessive wild capture a legitimate threat.

[1] As with the rest of its genus, its base scale color ranges from silver to silvery-yellow (more often the former), but it has characteristic mottling on its sides in light-brown.

The top of the snout is also colored brownish, which can help distinguish it from similar-looking congeners,[2] though the light-brown mottling is unique to I. variatus within Iguanodectes regardless.

[3] It has a lateral line in reflective green, somewhat reminiscent of congener I. spilurus, and it has a dark stripe on its caudal fin that strictly occupies the middle portion therein.

However, male specimens of several congeners demonstrate small hooks or spines on the first few rays of the anal fin during mating season, such as I. geisleri[7] and I. purusii,[2] which suggests the possibility of similar features in I. variatus.

The generic name "Iguanodectes", while without a specified origin in its nominal text, is likely from "iguana", the lizard, and "dectes", meaning "bite" or "tooth".

[14] The general tooth structure suggests food intake similar to the rest of the genus, including filamentous algae and aquatic invertebrates.