Can I use Caterpie's "Adaptive Evolution" Ability to evolve into Metapod, then immediately use Metapod's "Adaptive Evolution" Ability to evolve into Butterfree all on the same turn?
Yes, you can.
Source: Flashfire FAQ (2014-05-08), TPCi Rules Team (2014-05-08)

Relevant cards

Note: All applicable cards may not be listed below.
XY2_1
XY2_2
SV1_8
SV1_8
SV1_9
SV1_9