A moderate-magnitude earthquake swarm occurred in the remote Izu Islands region of Japan between October 1 and 8, 2023. The swarm included 151 shallow earthquakes cataloged by the U.S. Geological Survey, which notably included a roughly 2.5-hr episode of 15 successive magnitude (M) < 5.5 earthquakes. Origin times were coincident with regionally recorded tsunami waves, but tsunamigenesis for moderate-magnitude earthquakes is uncommon, indicating that volcanic activity generated the ocean displacements. Leveraging a surface-wave relative relocation approach, we estimate precise epicentroid locations for the remote swarm. Final epicentroids and caldera analogs indicate a three-stage model to explain swarm activity: (a) caldera pressurization due to magma intrusion, (b) depressurization via dike propagation away from the caldera, and (c) eruption corresponding with caldera reactivation either by collapse or additional intrusion.