The region where Iguassu Falls is located today was called Valley of the Butterflies, and this valley belonged to the territory known as Mbae-vera-guassu which can be translated as Golden Brightness.

In the Valley of the Butterflies lived Naipi, the virgin daughter of Igobi, the chief of the tribe of the Guaranies (or maybe the Caigangues). She was chosen to be the bride of M´Boy, a god who often took the form of a snake. She was so beautiful that the river waters stopped when she looked at herself in them.

No human being could touch or desire the promised girl; however, Tarobah, a brave warrior, broke the taboo. He looked at her and spoke to her and she answered his loving eyes.

On the day of the wedding, the Indians drank too much of the cauim (a native alcoholic beverage) and M�´Boy slept calmly in his cave. Tarobah and Naipi wasted no time and escaped on the river in a canoe. But M´Boy noticed the escape and asked his father, Tupan, the supreme god of the universe to help him. As a big serpent, he became furious and penetrated underground, and by twisting his body he opened a gigantic crack.

Darkness and gloom fell over the land. Tarobah and Naipi disappeared. When the dust settled, the waterfalls appeared and the Iguassu River began its eternal fall into the abyss formed by the earthquake. Tarobah was transformed into a lonely palm tree and Naipi into a big rock.

When the sun is in the right position, a rainbow can be seen touching the tree and the rock; it is Naipi´s love veil eternally caressing her lover, Tarobah.