The Bug Bait is a treasure found in Pikmin 2 that is actually a vanilla wafer. It is held by a Fiery Bulblax in the 1st sublevel of the Submerged Castle. It is the 30th treasure on the List of Pikmin 2 treasures.
Captain Olimar's Journal
"This treasure's alluring aroma seems to attract unwelcome attention from insects. If the ship hears anything about this, it'll complain endlessly about having to store it. I'd better keep this discovery to myself..."
"I have a bad feeling about this particular item... I want to sell it with all possible speed... Bzzrpt! Bargain price available. Please! Buy this quickly! NOW!"