Yes.
Caterpillars are the larvae of butterflies, so they all naturally transform into butterflies. However, not all caterpillars survive to this stage: many fall victim to parasitoids and other parasites whose larvae develop inside their bodies.
When the life cycle of the parasites is complete, small winged insects may emerge from the dead body of the caterpillar, which bear no resemblance to butterflies. Worm-like larvae are also found in other insects, such as beetles, flies, caddisflies, wasps, bees, and ants.
Woodwasp larvae particularly resemble caterpillars, which is why they are often referred to as false caterpillars.
