Karaberis was born in Lewiston, Maine on August 4, 1912. He moved with his family to Manchester, New Hampshire where he later attended school. He graduated from The City of Manchester Grammar School graduating on June 18, 1926. He attended Manchester High School Central graduating in June 1930.

Karaberis was admitted into the Naval Academy in Annapolis, MD on July 7, 1931 and graduated in 1935 with a Bachelor of Science degree.  He served as a junior officer on the aircraft carrier U. S. S. Saratoga (CV-3). In 1936, after marrying his first wife, the former Phyllis A. Smith, he reported for flight training at NAS Pensacola Florida and was designated a Naval Aviator in February 1939.

Karaberis reported for duty in the aviation unit of the USS Honolulu (CL-48). He was on board this ship when it was attacked in December 1941 at Pearl Harbor.  After Pearl Harbor, Karaberis was stationed in San Diego. His first wife passed away in December 1944 in San Diego.

Karaberis became the Executive Officer of the USS Wake Island (CVE-45)  in 1945.  He was one of the Alaska VP- General Training Softball Champs in 1949. He also studied at the Naval War College and graduated in 1951. He married the former Avis E. Moore of Murfreesboro, Tennessee. He became the Executive Officer of Naval Air Station Alameda until he was appointed Commander of the U.S. Navy Patrol Squadron (VR-23) at Naval Air Station Atsugi, Japan.

From 1960 to 1961, Karaberis was commanding officer on the aircraft carrier USS Wasp (CV-18) and was promoted to Rear Admiral on August 1, 1963.  He commanded several bases and ships until his retirement on June 30, 1969 after 38 years of service.

As a civilian, he was a Director of Community Relations at Southern California First National Bank.  He was also on the board of directors of the San Diego Air and Space Museum and a member of the Advisory Council for the San Diego Boy Scouts of America. He worked at San Diego Trust and Savings until passing away on February 5, 1987 at the age of 75. His ashes were scattered at sea. He was survived by his second wife, Avis. She passed away December 11, 1998. Their memorials are located at the United States Naval Academy Cemetery in Annapolis, Maryland.  

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