Frugivorous butterflies were studied in a set of forested islands (0.1 to 1.15 ha) in a reservoir in eastern Venezuela to investigate the effects of fragmentation and the resulting isolation on their abundance, diversity and species composition. While some islands showed reduced abundance and species diversity in comparison to unfragmented (or control) sites, others did not. Isolation status affected both butterfly abundance and diversity. Islands located close to their colonizing sources (0.1–1 km) tended to support similar densities of butterflies but lower numbers of species in comparison to control sites. Far fragments (1–3 km from their colonizing sources) tended to harbour lower butterfly densities in comparison to control sites but undiminished numbers of species. Species composition varied significantly between control sites and islands and amongst control sites, near islands and far islands. Interspecific differences were observed in species' responses to fragmentation. Charaxines, medium-sized satyrines, morphines and brassolines may be vulnerable to extinction after habitat fragmentation while small-sized satyrines may be relatively resistant. Observations during the dry season indicate that butterfly species may exist as mainland-island metapopulations in Lago Guri, in which small habitat fragments require recolonization every year from source populations in large islands and mainland habitat.