AimTo better understand the potential impact of climate change on butterfly assemblages across a tropical island, we model the potential for taxonomic and functional homogenization and determine climate‐ and trait‐mediated shifts in projected species distributions.LocationPuerto Rico.MethodsWe used thousands of museum records of diurnal Lepidoptera to model current (1970–2000) and forecast future (2061–2080) species distributions and combined these to test for taxonomic and functional homogenization. We then quantified climatic‐mediated effects on current and forecasted taxonomic and functional composition and, specifically, whether temperature was a primary driver, as predicted by the temperature–size rule and the thermal melanism hypotheses. Finally, we measured wing traits important in thermoregulation (size and colour) and determined trait‐mediated changes in forecasted species distributions over time.ResultsBased on ensemble model outputs, taxonomic and functional richness and turnover were predicted to vary across the island's complex topography. Our models projected an increase in taxonomic and functional richness over time, and a decrease in taxonomic and functional turnover – a signature of biotic homogenization. Under future climate scenarios, models projected a decrease in wing length and an increase in wing brightness at higher elevations. One variable, temperature seasonality, was the strongest predicted driver of both the current spatial distribution and the projected per cent change over time for not only wing traits but also taxonomic and functional richness and turnover.Main conclusionsThe species distribution models generated here identify several priority regions and species for future research and conservation efforts. Our work also highlights the role of seasonality and climatic variability on diverse tropical Lepidoptera assemblages, suggesting that climatic variability may be an important, albeit overlooked, driver of climate change responses.