This species prefers moist habitats, such as evergreen forest, dry deciduous forest, semi-deciduous forest, forest edge and fruit groves (Reid 2009). Evidence indicates the species is strongly frugivorous (Gardner 1977), and the diet includes figs, Cecropia and Acnistus, and it occasionally consumes insects, including Lepidoptera (Howell and Burch 1974, Bonaccorso 1978). It roosts in pairs or small groups high in the crowns of tree, caves, buildings, tunnels, hollow trees, under palm leaves and among foliage. This species is not known to make tents. Reproduction usually coincides with the onset of the rainy season and varies locally. Birth peaks occur in March-April and July-August (Ferrel and Wilson 1991). In Venezuela, the species may be very abundant in favourable habitat but can be netted in numbers only if nets are set in the canopy (Handley 1976). In seasonally dry areas, it is usually caught in mist nets set over or near streams.

This species ranges from Oaxaca and Veracruz (Mexico) to northern Colombia, north-western Venezuela, western Colombia, and western Ecuador (Velazco et al. 2010). It is found in the lowlands to 1,500 m asl (Reid 2009). This taxonomic definition is more restricted than the one used by Koopman (1993) or Simmons (2005); phylogenetic analyses by Velazco et al. (2010) recognized P. incarum and P. matapalensis as distinct, valid species in the South American part of P. helleri's distribution.

This species occurs in a number of protected areas throughout its range.