[4] It was first caught by Edgar A. Smith in 1912 in Brazil and described by American ichthyologist Henry Weed Fowler in 1913.

Unlike many other charcharins, T. madeirae has seen little inclusion into the aquarium trade.

[5] Along with other descriptions made by Fowler in 1913, eight specimens of T. madeirae, including the holotype and the paratype, were collected by Edgar A. Smith during a 1912-1913 expedition to the Amazon basin in Brazil along the Madeira River.

[4][6][7] It is pelagic,[3] and according to observations by Herbert R. Axelrod were found in shallow waters 0.3 to 0.6 meters deep (1 to 2 feet) at most.

[4][9] Tyttocharax madeirae is an invertivore, specializing on aquatic invertebrates while also occasionally preying on terrestrial vertebrates which may fall into the water.