Ladyfish are cousins of the much larger tarpon. They have a long, slender body and are fairly small, averaging 2 to 3 pounds. They are fun to catch for young anglers, but they can also be used as bait. Most anglers that catch ladyfish end up using them for bait. You can use them alive or as cut bait. King mackerel, big snook, sharks, tarpon and barracuda love to feed on ladyfish, but there are just some of the species that will eat a ladyfish.