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"This rare butterfly lives in volcanic regions. Its body contains a heat-resistant liquid, which can be turned into a topical elixir that offers resistance to flames."
The Smotherwing Butterfly (070 in the Hyrule Compendium) is a rare butterfly found in Breath of the Wild. They can typically be found in the volcanic regions of Death Mountain and Eldin Canyon. They can be sold to shop-vendors all over Hyrule for 2 Rupees each. If cooked with monster parts, a Fireproof Elixir can be created.
In addition to collecting them in the wild, you can purchase them from Beedle at the East Akkala and Wetland stables for ten rupees apiece. If you warp to a distant location, such as Link's House, and sleep until morning, Beedle will have replenished his stock.