Caceres's brothers were both musicians; Emilio was a norteño violinist and Pinero was a trumpeter and pianist. Caceres himself played clarinet, guitar, alto and baritone saxophone, and first played professionally in 1928 in local Texas ensembles. He and Emilio moved to Detroit and then New York, taking work as session musicians where they could. In 1938 Caceres became a member of Bobby Hackett's band, and thereafter became a highly sought sideman, playing with Jack Teagarden in 1939 and then in Glenn Miller's orchestra from February 1940 to September 1942. While with Miller, he made an appearance in the films Sun Valley Serenade (1941) and Orchestra Wives (1942). Time with Benny Goodman, Woody Herman, and Tommy Dorsey followed later in the 1940s.
In 1949 he put together his own quartet, playing at the Hickory Log in New York. He was a frequent performer with the Gary Moore Orchestra on television. At the beginning of the 1960s he played with the Billy Butterfield Band. In 1964 he moved back to Texas and played in a band with brother Emilio from 1968 until his death of cancer in 1971. He also spent some time in 1965-1966 at Mint Hotel, Las Vegas and the Holiday Hotel, Reno with the Johnny Long Band.