Phobetron hipparchia is an occasional pest in oil palm plantations in the Colombian Caribbean zone. Its life cycle and foliar consumption rate were determined under laboratory conditions; additionally, the population fluctuation in an oil palm lot was recorded through sampling carried out every 20 days for two years. Subsequently, the population dynamics of P. hipparchia were correlated with the climatic variables: Precipitation, relative humidity, temperature, and natural biological control. The life cycle of P. hipparchia under laboratory conditions (27.3 ± 3.8°C, 85 ± 15% RH) lasted 74.3 ± 8.2 days, with the developmental phases distributed as follows: Egg: 6.3 ± 0.7 days, larva: 49.1 ± 5.3 days passing through nine instars, pupa: 14.4 ± 0.9 days and adult 4.5 ± 1.3 days. The larvae of P. hipparchia consumed 682.9 ± 103.6 cm² of the leaf blade. No correlation was found between the population dynamics and the climatic variables recorded. However, a correlation was found between the population dynamics of the larvae of P. hipparchia and the biological control caused by Baryceros sp. (ρ = 0.685; p<0.0001) and Cordyceps sp. (ρ = 0.505; p<0.001). This information enables the recognition of P. hipparchia in oil palm plots and emphasizes the importance of natural control in regulating defoliating insect populations.