Lord Fool was a bug who oversaw the Trials at the Colosseum of Fools.
Little is known about him aside from his appearance, and the fact that he was powerful enough for the warriors of the Colosseum to respect him.
While he appears to be long dead, his corpse still remains on the throne in the arena as if observing the Trials.
The Little Fool does not seem aware of Lord Fool's demise. The crowd in the arena is either unaware or simply doesn't care.