To solve this problem, we need to determine the characteristic that Planaria possesses a high capacity for.$\newline$Let's analyze each option:$\newline \bullet$Option 1: Metamorphosis - Metamorphosis is a biological process by which an animal physically develops after birth or hatching, involving a conspicuous and relatively abrupt change in the animal's body structure. Planaria do not undergo metamorphosis.$\newline \bullet$Option 2: Regeneration - Regeneration is the process of renewal, restoration, and growth that makes genomes, cells, organisms, and ecosystems resilient to natural fluctuations or events that cause disturbance or damage. Planaria are well-known for their remarkable ability to regenerate lost body parts. If a Planaria is cut into pieces, each piece can regenerate into a complete organism.$\newline \bullet$Option 3: Alternation of generation - This is a reproductive cycle of certain plants, fungi, and protists, involving a regular alternation between two distinct forms. Planaria do not exhibit alternation of generations.$\newline \bullet$Option 4: Bioluminescence - Bioluminescence is the production and emission of light by a living organism. Planaria do not possess bioluminescence.$\newline$Based on the analysis, Planaria possesses a high capacity for regeneration.$\newline$Therefore, the correct option is Option 2: Regeneration.