He is the heir to the Thunder Sword before Zero and is Zero's father. It was believed that he was defeated by Vice, but in fact Vice's true identity was Falco himself. He lost the battle against Zero and escaped from Vice Tarantula's mental control, but lost his life.
Falco is parasitized by the Vice Tarantula and his consciousness is taken over. He entrusts the Rairyuuken to Zero. He meets Zero just before his death.
He entrusts Zero with the key to the Rairyuu Series, which is necessary to pass on the Rairyuuken's ultimate technique. Zero uses the key to summon the Holy Dragon Castle.