What you are looking at is a reissue of one of the rarest cool toys from the ‘70s from the Micronauts line. This is the Red Falcon, although mine differs in that mine is a clear plastic red Red Falcon, while the original was light blue with red wings. Still, it’s pretty cool.
The toys weren’t based on any cartoon or TV show, so who all these characters were and what they did could only be gleaned by the sparse box copy, like: Membros Slithery Skinned Invader from the Remote World of Visceros. Or Force Commander Leader of the Magno-powered Micronauts!
As far as I can tell, the original Red Falcon was only released in Italy, and his box copy was something like “Prince of the Micronauts” or alternately, “Villainous Lieutenant to the Emperor”, depending on who you talk to. If my brother and I would have gotten ahold of one of those when we were growing up, Red Falcon would have quickly become one of the good guys!