It's a velvet ant, of the family Mutillidae. They are actually wasps, and females can sting.. I'd guess the individual you sighted was a female, since they tend to be more common and active.

Their stings don't cause significant damage unless you have an allergic reaction, and they should sting without being provoked.

Well bud, ;-). It would appear to be one of the velvet ants. Maybe it's the Cow Killer!! Bugs are tricky business. It could be this one.

http://bugguide.net/node/view/820959/bgp...

http://bugguide.net/node/view/13118/tree

http://bugguide.net/node/view/13126/bgim...

Not poisonous. You can pick it up with your hand. No sting, no bite - harmless.

I thought I looked kind of cool but I thought it was poision. I've never seen a big like this. What is this? It was in my yard.