Penny lizards are carnivores which mean they only eat meat. And no that doesn't mean that these tiny little animals go hunt down cows and stuff, insects are meat too. I have a pet penny lizard, and he eats flies, spiders, sometimes moths, worms, grubs, mosquito's and small insects like that. They may look a small fly would fill them up but they have pretty large bellies. My penny lizard will eat up to five flies and still only just be satisfied!