Real Name: Roy Harper
Alias: Speedy, Arsenal, Red Arrow
First Appearance: More Fun Comics #73
Modus Operandi: World class archer, former heroin addict
Powers/Equipment: wide variety of trick arrows similar to Green Arrow, skilled in hand-to-hand combat, skilled with a needle...
Backstory: Roy Harper was orphaned at a young age, but was raised by a kindly Native American named Brave Bow. Brave Bow taught the boy archery, leading him to idolized superhero Green Arrow.
The two would eventually partner up, having many adventures together, with Roy even joining the original Teen Titans. One day, after Ollie had left him to go "see America" with Hal Jordan, Roy joined a band and fell into the wrong crowd. The Green Arrow's horror, his former sidekick has degenerated into a full on heroin junkie. Overreacting, Ollie threw Roy out on the street to fend for himself.
Ollie later felt guilty about what he'd done, and tracked Roy down. He ended up leaving him in the care of his lover, Black Canary. Black Canary nursed Roy through the worst of the withdrawals, but by then it was too late. With too much bad blood between them, Ollie and Roy decided to go their separate ways.
Taking the name Arsenal, Roy joined (and eventually led) a new incarnation of the Teen Titans. Feeling guilty over the death of a teammate, Roy left the Titans, only to join up with the Outsiders shortly thereafter. (During this time period, Ollie returned from the dead, and he and Roy mended fences)
After the last incarnation of the Outsiders fell on hard times, Roy left the group. Before long, he was invited by Hal Jordan to join the newest incarnation of the Justice League, headed by chairwoman and longtime friend Black Canary. Roy accepted, taking the name Red Arrow to honor his adoptive father.