Deku Hornets from the Legend of Zelda: Skyward Sword can only be found in hives and can be caught with a bug net.
Skyward Sword - Deku Hornet Papercraft

Shaun Breedlove brings you Mothra that comes complete with larvae and moth versions.
Kaiju - Mothra Papercraft

The Hook Beetle is a new Zelda item introduced in Skyward Sword which has the ability to grab items like bombs and drop them nearby.
Skyward Sword -  Hook Beetle  Papercraft

A cartoonish papercraft of the Japanese giant hornet (Vespa mandarinia japonica).

Japanese Giant Hornet Papercraft

A papercraft beetle from kizuna-avenue based on the Japanese Rhinoceros beetle aka Kabutomushi, a species of rhinoceros beetle found in Japan, Korea, Taiwan and China. It is sold as a pet in department stores in many countries of Asia (in Japan, even in vending machines).
Japanese Rhinoceros Beetle Papercraft Kabutomushi

Rob Ives' got an awesome Valentines project:

"The Valentine Butterfly is a pendulum powered model to download, print out and make. Any slight movement of the model make the wings tremble and flap. Members can download the model at the link for free. Non-members can download the parts for a small fee."

Valentines Butterfly Papercraft

I think some caterpillars look cute because they are very colorful but others can be creepy especially the very hairy ones.
Caterpillar Papercraft

This dragonfly papercraft is probably the simplest to come out from Uhu02's blog.

Dragonfly Papercraft

This is similar to the tiger snap ups I've posted a while ago. Push down on his body to make him flat, hold him down with your finger, then quickly let go and watch how the rubber band makes him jump!
Snap Ups: Grasshopper Papercraft

"These prized beetles are imported from Elona and raced for sport in Cantha, but now you can create your own high speed pack of colorful rollerbeetles out of paper.

This pack of models includes a Rock Beetle, as well as color variants to allow you to build your very own ladybug, flame, wing, hippie, or lightning Rollerbeetle Racer."

Guild Wars: Rock and Roller Beetle Papercraft

The Hylian Wasp is an over-sized insect enemy from The Legend of Zelda: Twilight Princess. They will attack Link if he breaks their hive and will not stop until they are either defeated or Link jumps into a body of water.
Zelda: Hylian Wasp Papercraft

The third butterfly from the Chinese paper model designer Mak is the Orange Punch (Dodona egeon). It is another butterfly found in India.
Orange Punch Papercraft Butterfly

The Common Tiger (Danaus genutia) is a butterfly commonly found in India. It looks very similar to the Monarch butterfly (Danaus plexippus) found in the the American continent.
Common Tiger Papercraft Butterfly

Here's the first of a three-part butterfly papercraft series by the Chinese designer Mak Sui-Shing. The Common Duffer, Discophora sondaica is a species of nymphalid butterfly found in Southeast Asia.
Common Duffer Papercraft Butterfly

A cicada is an insect of the order Hemiptera, suborder Auchenorrhyncha. There are about 2,500 species of cicada around the world. Cicadas live underground as nymphs for most of their lives, at depths ranging from about 30 cm. In the final nymphal instar, they construct an exit tunnel to the surface and emerge. They then molt (shed their skins), on a nearby plant for the last time and emerge as adults. The abandoned skins remain, still clinging to the bark of trees.

Cicada Husk Papercraft

A butterfly papercraft had been posted on the Konica Minolta site. Sasakia charonda, the Great purple emperor, is a species of butterflies in the family Nymphalidae that can be found in Japan (from Hokkaidō to Kyūshū), Korean Peninsula, China, Northern Taiwan and Northern Vietnam.
Butterfly Papercraft

Here's a bunch of papercrafts from a Japanese site I found. There's a beetle, a swallowtail butterfly, a snake, and SL locomotive, a train platform and a vehicle.

ikawa-mp papercrafts

Theres a couple of new models at the HP site. Get these colorful 3D Chinese zodiac animals together with trains, animals, an insect, a robot and even some origamis. Choose "toys, stickers & puzzles" for the category and then "games" for the subcategory to find the other 3D models.
HP Paper Models

Two beetle papercrafts available for download. The rhinoceros and the stag beetles. You can find them at the bottom of the site.
Beetle Papercraft

The giant hornet(Vespa mandarinia) is the world's largest wasp. It is also called the "Yak Killer Hornet" because it's venom can kill a person. The real insect can grow up to 1.8 inches. The papercraft however is about 9.5 inches long when built. You have to download 5 pages of parts to create this giant reaslistic insect paperecraft.
Insect Papercraft
Instructions