Elater vetustus was named by Brodie (1845) [Handlirsch named the new genus Dysarestus and assigned "Elaterites venustus Heer 1865" as the only species (therefore, the type by monotypy). However, Heer was clearly using this name as a recombination of Elater venustus Brodie 1845, not as a new taxonomic name. Although Handlirsch didn't expressly state that Heer's name was a misidentification, he treated it as such. Based on ICZN article 11.10 ("deliberate employment of misidentification"), Handlirsch should be considered the author of Dysaretus vetustus.]. It is a compression fossil. Its type locality is Apperley, which is in a Rhaetian terrestrial horizon in the Lilstock Formation of the United Kingdom.

It was recombined as Elaterites vetustus by Heer (1864); it was recombined as Elaterophanes vetustus by Handlirsch (1906), Whalley (1985), Kundrata et al. (2021).