In 1994, this beautiful Frailea was described by Roberto Vasquez in Rev. Soc. Estud. Bot. 1: 5-8 Vasquez. The species was named after discoverer Raul Lara Rico. It grows in a largely inaccessible area roughly 90 kilometres south-east of Robore in the Chaco of Bolivia. The sporadically growing plants strongly retract into the ground during dry spells and are thus difficult to detect despite the largely sparse accompanying vegetation. Frailea larae is cleistogamous and its soil consists of weathered limestone. The plants can be easily distinguished from Frailea chiquitana and Frailea amerhauseri; why, in 2006, D. Hunt declared it synonymous with Frailea chiquitana is a bit of a mystery.