Caractacus Potts is a fictional character from the 1968 film "Chitty Chitty Bang Bang," which is based on the book by Ian Fleming. He is portrayed as an inventive and resourceful father who creates a magical car that can fly and float. In the story, Caractacus is a widowed father living in England with his two children, Jeremy and Jemima. His adventures with the enchanted car, named Chitty Chitty Bang Bang, lead them on a journey filled with excitement and challenges, showcasing themes of imagination and family.