Those aren't really caterpillars, they are grubs... beetle larvae. There are many types of similar looking larvae, so it would be near-impossible to know if they are going to grow to be beneficial or destructive. When I find them in my veggie beds, I just toss them aside, hoping the birds will find them. In the larvae stage, they will do harm to roots, but in veggie beds it's the adults of the destructive ones do the most damage, not the grubs.

Those are larva of Japanese Beetle aka June Beetle. The are very distructive to plant roots. One of the most distructive pests in St Augustine lawn grass.

Although Japanese and June Beetles are members of the same family, Scarabaeidae, no one should think of them as also known as, aka, because they are not. Those larva are members of that Scarabaeidae family of beetles of which there are some 30,000 different beetles.

The larva feed on organic matter in soil during some growth stages and if population numbers are high they can be quite destructive while others are, Japanese Beetles, are more destructive as adults. The best time to apply controls, if necessary, is just before the eggs hatch in late July to August, when the larva are most susceptible. Those that overwinter pupate in the spring and emerge as adults to begin the cycle again in late May thru June, but they do not ingest any food then. What to use for control depends on which of these beetles you have. There are biological controls, Milky Spore Disease (Paenibacillus papillae) for the Japanese Beetle larva, parasitic nematodes for all of the larva, and some quite harmful other poisons available.

Talk with the people at your counties office of your state universities Cooperative Extension Service about the best control strategies for your area.