Heat up waffles and place 2 on each serving plate. Cut them all in half.
Slice banana lengthwise down the middle. This part will serve as the body of the butterfly. Place a banana half onto each plate and then place the waffle halves on the sides of banana to serve as the wings.
Next, peel kiwi and cut into slices. Peel carrot and cut it into thin slices as well. Use a small amount of peanut butter to attach the kiwi and carrot slices to each waffle. Use 2 small thin slices of fruit for the antennae.