S. pappaterra is relatively rare in the ornamental trade and much sought after by enthusiasts.

It is easily distinguished from all known congeners by presence of a series of prominent black blotches beneath the dorsal-fin, plus a well-defined dark band extending along the side of the body. In recent genetic analyses its genetic distinctness was strongly supported, with S. jurupari and S. leucosticta its closest relatives.

The majority of records pertain to the rio Guaporé (Río Iténez in Bolivia), the main affluent of the rio Mamoré, which drains the vast tropical wetland known as the Pantanal, and the upper rio Paraguai, which also has its headwaters in the Pantanal but flows in the opposite direction. The Guaporé and Paraguai are connected due to rising water levels during the annual wet season.