This meme humorously plays on the idea of searching for something that is actually very small or insignificant. The character is exaggeratedly using binoculars, implying deep investigation, while the subject being sought—"Carlos," represented by a cockroach—is in plain sight but still unnoticed. The final text, "he couldn't see," reinforces the joke that despite intense scrutiny, the character remains oblivious.
It's a typical example of internet humor that exaggerates simple scenarios for comedic effect.