Born in Pittsburgh, Cacheris was educated at the University of Pennsylvania where he earned a Bachelor of Science degree in 1955.

He earned a Juris Doctor in 1960 from the George Washington University Law School.

Cacheris served as assistant corporation counsel from 1960 to 1962, in Washington, D.C., before entering private practice in 1962.

He was confirmed by the United States Senate on November 24, 1981, and received a commission on December 1, 1981.

He assumed senior status on March 30, 1998, and was succeeded by Judge Gerald Bruce Lee.