Defeat Octavio in the Venice canals under time pressure.
― In-game description
"Octavio Canal Challenge" is the sixth Master Thief Challenge of Sly 3: Honor Among Thieves.
It is a variation of the part of "Operation: Tar-Be Gone!" where Sly and Bentley chase and shoot down Octavio in the canals, with the variation being that this needs to be done within a time limit.