Incapillo is the source of the Incapillo ignimbrite, a medium-sized deposit comparable to the Katmai ignimbrite. With a volume of about , the Incapillo ignimbrite was erupted 0.52 ± 0.03 and 0.51 ± 0.04 million years ago. A caldera with dimensions of was formed during the eruption. Later volcanism generated more lava domes within the caldera and a debris flow in the Sierra de Veladero. The lake within the caldera may overlie an area of ongoing hydrothermal activity.