This little bugger can be a pain in your milkweed patch. They feed on tender new leaves, buds and other parts of the plant, a real herbivore.The eggs are deposited in or near the lower stem and larvae bore into the stems and roots of the milkweed plant. Adults emerge early summer and eat the leaves and buds of the milkweed.
Personally, I remove them when I come across one. Too many can become a problem.