This fungus is named after the cartoon character Spongebob Squarepants. It's absorbent like a sponge, and when it's moist you can wring the water out of it and it will spring back to its original shape.
This beetle is named after Arnold Schwarzenegger because its middle pair of legs has an unusually enlarged segment – which reminded scientists of the bulging biceps of the bodybuilder/actor/governor.