I was super surprised to discover that this colorful bug that I saw during the day was a moth! You can read more about this type of moth on wikipedia here.
Apparently it's somewhat rare to see an adult, so pretty cool if you do:
"Here is one thing to keep in mind when you find an unusual adult insect. The adult stage is for reproduction, so insects have to find each other for mating....Adulthood for most insects is usually a very short period, sometimes only lasting days or even hours. So, if you see one type of insect, you can usually find more like it if you take the time to look around carefully." (quoted from here)
(1) Andersonville (7/16/14) on a milkweed plant by Angie.