Answer #2 ·
Dave Hunter's Answer · If the holes are circular and seemingly cut out by an insect, this is probably due to leafcutter bees, a beneficial pollinator in your yard. Rose petals are a favorite nesting material! By spraying or placing any chemicals to kill these bees... you are doing much greater damage to your yard than you know. Caterpillars also may munch on your leaves, but they their leaf holes tend to be different than more round shaped leafcutter holes.
The leafcutter uses these leaves for nesting material in their holes. They gather leaves and stuff them into holes about 1/4", fill that little pocket with gathered pollen from your yard, then lay an egg in the pollen. More leaves, then pollen, egg, etc. until they fill that hole. Leafcutter bees are gentle as they have no need to sting.
Here's a website with a few pictures in it...
www.beautifulwildlifegarden.com/leafcutter-bees.html)