The type series of Characidium fasciatum Reinhardt includes more than one species. Based on examination of the lectotype, the species is diagnosed as a member of a monophyletic group which also includes C. boaevistae Steindachner (with C. voladorita Schultz as ajunior synonym), C. bolivianum Pearson, C. gomesi Travassos, and C. purpuratum Steindachner. Most references to C. fasciatum in the literature are based on misidentifications of Characidium cf. C. zebra.
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Paulo Andreas Buckup (1992) studied this question.
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