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In the game
Shortly after Link fails to stop Yuga from abducting Seres in the sanctuary, Ravio, passing by the sanctuary, saves Link and brings him back to his house. After Link awakens, he grants Ravio permission to stay in his house, where Ravio sets up his shop. Additionally, he gives Link his bracelet which at first doesn't seem like anything important, but was proven a life saver when Yuga turns Link into a painting after their first battle, the bracelet allowed Link to not only escape imprisonment, but also to merge into walls to get past many obstacles and eventually travel between the lands of Hyrule and Lorule.
Initially, Ravio will only rent items to Link and will send Sheerow to retrieve any rented items should Link fall in battle. He will begin selling off his wares after Link finds the Master Sword, and will thank Link for allowing him to make enough Rupees to retire early if every item in his shop is bought.
After Yuga-Ganon and Princess Hilda are defeated and Princess Zelda is freed, Ravio enters Lorule, where it is revealed that he is the Lorulian counterpart to Link. A servant of Hilda's, Ravio did not agree with her plan to steal Hyrule's Triforce. He was afraid to stand up to them, however, so he fled Lorule, hoping to find a hero who could stop Hilda and Yuga. He successfully convinces Hilda that stealing Hyrule's Triforce would only bring out the worst in Lorule, which was exactly the scenario their forebears had hoped to avoid when they destroyed Lorule's Triforce, and the two see Link and Zelda off as they return to their own world.
After Link and Zelda wish on Hyrule's Triforce to restore Lorule's Triforce, Ravio and Hilda are seen in the Sacred Realm of Lorule as the clouds part and their Triforce is restored.
Unlike Link, Ravio is a coward and lazy, which is in sharp contrast to Link's courage and adventurous personality. He does however, have a kind heart like his counterpart. Like Link, Ravio carries a large assortment of items and weapons (save for a Sword and Shield) which he rents to his counterpart, though later will offer to let Link purchase them from him. Also like Link, Ravio cares for his homeland and Lorule's Princess Hilda who Ravio was a faithful servant of until she decided to steal Hyrule's Triforce. Ravio realized the consequences of Hilda's plans and that her desire to steal the Hyrule's Triforce, was the very reason her predecessors destroyed Lorule's Triforce showing that Ravio possesses great wisdom and a noble heart, though his lack of courage prevents him from taking on the role of Lorule's Hero.
However despite his opposition to Hilda and Yuga's actions, he was too much of a coward to actively oppose them, instead he decided to seek out his heroic counterpart and assist him though chose to keep his true identity hidden under his large rabbit mask, from Link. Despite his decision to aid his counterpart, Ravio appears to have the mindset of a merchant, providing Link with equipment and items in exchange for Rupees, hinting that Ravio is somewhat greedy when it comes to money, and he is shown to be protective of the large sack he carries his Rupees in. It is implied that through his interactions with his counterpart, that Ravio has gained a better understanding of himself and even suggests that some of Link's courage may have rubbed off on him. This is shown by his willingness to confront Hilda over the consequences of stealing Hyrule's Triforce, ultimately managing to dissuade Hilda from stealing the Triforce.