woolly bear noun3 •A larva of the species Pyrrharctia isabellaa of arctiid moths. •(informal) A hairy caterpillar.Caryae is not a woolly bear, but is quite as densely covered with hairs and crawls quite as fast as any woolly bear. — 1902 •(slang, historical) An explosive shell that gives out dense smoke when it bursts.As Bourne came out, he could see shells exploding by the dump, with some shrapnel bursting, woolly-bears they called them, overhead. — 1929 formswoolly bears