Born in Asunción, Careaga spent many years living and working in France which undoubtedly influenced his creative aspirations. In fact, by 1964 he and fellow Paraguayan artists formed the group Los Novísimos [The Very New] which clearly rejected cultural isolation and endorsed a more avant-garde, international perspective. Careaga has not only exhibited his own work worldwide, but he helped found Asunción's Museum of Modern Art in 1965. His early work is characterized by Abstract Expressionism and Pop art, but he is mostly known for geometric and Constructivist styles.