It feeds on caterpillars, small beatles, and other prey smaller than itself. Assassin bugs are generalist predators, so they'll eat most anything they can catch.
It looks like the large milkweed bug, but is actually a mimic. It's an assassin bug. The large milkweed bug looks like this: http://www.projectnoah.org/spottings/5153011. Definitely easy to confuse the two at first glance.
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