Insects are consumed as food in many cultures of the world and are promoted through products that increase acceptance of the practice. Insects are a potential source of nutrients and bioactive compounds; however, lack of acceptance is an obstacle to widespread consumption. Extraction of Pterophylla beltrani (Bolivar and Bolivar) was evaluated in water, 50% ethanol, absolute ethanol, tequila, vodka, and rum. Total phenolic compounds (TPC) and free radical scavenging capacity against 2,2-diphenyl-1-picrylhydrazyl (DPPH) and 2,2′-azino-bis(3-ethylbenzothiazoline-6-sulphonic acid (ABTS) radicals were extracted, mostly with hydroalcoholic solutions and water rather than with absolute ethanol. The best extraction solvent for total phenolic compounds, DPPH, and ABTS was 50% ethanol with 37.21 milliequivalents of gallic acid per gram (mGAE/g), 412.40 milliequivalents of Trolox per gram (mTE/g), and 1,604.32 mTE/g. Of commercial beverages, tequila and vodka were better for extraction and activity of total phenolic compounds against the DPPH radical, while rum was better for extracting activity against the ABTS radical. Incorporation of total phenolic compounds and activity against the two radicals highlights the potential of entomochemicals of P. beltrani to be incorporated into alcoholic and other beverages. The insect has potential to be incorporated as a functional ingredient in the food industry.