The species is described from 135 specimens that were gathered in scientific trawl surveys between 2003 and 2005.

[2] Pegasus tetrabelos dwells in sandy substrates at depths ranging from 8 to 40 m.[2] Little is known about their feeding habits, but other members of the family tend to forage on small epifaunal invertebrates like crustaceans.

[3] The species is caught as bycatch in shrimp trawl fisheries.

[2] Nothing is known about trade in this particular species, but substantial target and bycatch fisheries for pegasids occur throughout the Indo-West Pacific for traditional medicine and aquarium use.

Revision of the acanthopterygian fish family Pegasidae (order Gasterosteiformes).