Nothing is known about Captain Ray including his background history and powers. He was exclusive to the Super Powers Collection and never appeared in the comics or animation.
Unlike the rest of the line, Captain Ray's card says "Super Heroes" instead of Super Powers. The artwork of Captain Ray and the figure itself appear to be based on Superman. He wears a black/grey and yellow costume with Flash type symbol on his chest and sports medium brown hair.
By far stranger than the Super Amigos Riddler and anything else I've seen associated with the Super Powers Collection, Captain Ray (or El Capitan Rayo, in his native language) is an exclusive figure to the knock-off Columbian line.