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The Midas Cichlid may also be sold as the "Red Devil"; A. labiatum is termed the "True Red Devil." The Midas Cichlid is peach to yellow with some specimens having a white underside. The fins are often white or highlighted in white.

The Midas Cichlid requires a tank of 50 gallons or more, with plenty of room to swim as well as stones for hiding. Because it is a digger, it is best to put the rocks on the bottom of the tank and not stacked. If stacked, they could be knocked off causing damage to the fish. The Midas Cichlid has a very aggressive personality, so choose its tank mates carefully. A Midas Cichlid should only be housed with other fish that can defend themselves.

An open spawner, the Midas Cichlid is not particular about its spawning substrate. Spawning will occur on horizontal, slanted, or vertical hard surfaces, with as many as 1,000 eggs being dropped at a time. The Midas Cichlid forms pairs, making a nuclear family, with both parents caring for the fry. The eggs hatch after 3 days and are placed in pits for protection. In an additional 5 days the young are free-swimming and eat a mucous secretion produced from the skin of the parents.

The Midas Cichlid is an omnivore. It prefers a balanced diet of foods such as Cichlid pellets, ocean plankton, quality flake food, and occasional brine shrimp or bloodworms.

Ideal tank mates include similar sized: Loaches, other South American Cichlids, Plecos, Scavenger Catfish, Sharks and similar sized, miscellaneous fish.