The mola is an art form that is part of the traditional women's clothing of the Kuna, an indigenous people from Panama and Colombia. This Mola panel is made with cotton fabric and handsewn with reverse applique. It has a red background with multi-colored design of a pterosaur, pterodactyl, or very large bird eating a person, with another pterosaur and two people on either side.
This is possibly inspired by one of the popular Hollywood movies of the day, like "One Million Years B.C." (1966) or "The Valley of Gwangi" (1969), which include pteranodon attacks.