Generally red and black are the colours of toxic or foul-tasting bugs, so my instinct would be no, unless it's a harmless imitator of a toxic bug. Worth a Google though.
They can emit a foul odor from vents on either side if their thorax and regurgitate an offensive stomach fluid. Birds, amphibians, mammals snack on them in the wild. But I don't think I'd risk it. Getting some of the stomach fluid in the eye of a Cham could be a disaster.
