A new cultivar of Colocasia plant named `HILO BAY` that is characterized by a combination of large, glossy olive green colored, slightly ovate leaves that are ruffled or corrugated in texture and has an undulating leaf margin, dark purple petioles, and produces multiple secondary lateral shoots that are attached to the mother plant on short stolons. In combination these characteristics distinguish `HILO BAY` from all other varieties of Colocasia known to the inventor.