Ricardo Montalban appeared as his Fantasy Island character, Mr. Roarke, in the episode, "Cancelled", as one of Najix's forms. Montalban's character Khan from the TV show Star Trek and the film Star Trek II: The Wrath of Khan appeared in the Imaginationland trilogy.
Ricardo has several facial wrinkles as well as an abnormally large nose. In "Cancelled" he appeared in a white suit and black tie. In "Imaginationland", he appeared in a brown shirt with most of his chest exposed, carrying a bloody sword.
The Ricardo in "Cancelled" and the Ricardo in "Imaginationland" were likely two different people, the one in "Cancelled" being one of Najix's forms, and the one in "Imaginationland" being one of Ricardo's characters, Khan from Star Trek. They will be listed under separate headers to prevent any confusion.
The Ricardo shown here was one of the aliens forms.
He was one of the evil characters of Imaginationland, so, we can assume that he, along with the rest of the evil imaginary characters wanted to take over Imaginationland.