Whenever you slaughter a poor defenceless Beetle Larva (without stomping on it!), you will get the larva as an item. This item can then be eaten.
Eating raw Beetle Larvae results in 1 hunger point (0.5 hunger icons) of sustenance, as well as 15 seconds of Nausea, because it's a raw Beetle Larva. Cooking a Beetle Larva tends to improve the taste, making it grant 3 hunger points (1.5 hunger icons) without inflicting Nausea.
Beetle Larvae are a low-tier food.
Larvae on a Stick Edit
This variant of the food variety of Beetle Larva does not stack and requires 3 cooked Beetle Larvae alongside a stick in a 2x2 shape to craft. Eating this very exotic kebab provides 9 hunger points (4.5 hunger icons) as well as 3 seconds of Nausea. It can be said that this kind of food is inefficient as it does not stack.
Larvae on a Stick are a mid-tier food, as a result of their inability to stack; in all other regards, they are a high-tier food.