Lunatik started off as Marvel doing a blatant ripoff of DC's Lobo. Their similarities: both characters are bulky, foul mouthed, chain-cigar-smoking, misogynistic, nigh-indestructible space bounty hunters. Lunatik's main differences from Lobo: he has a sidekick and is significantly less furry. (Of course, he was created by Keith Giffen, who was one of the chief creators of Lobo, so he was ripping off himself, if anything.) Lunatik's sidekick and sometimes voice of slight reason (at least slightly more reasonable than his own) is the fairy-like, punk-styled fairie creature Skreet.
Over a decade later, when Skreet has been promoted to being Thanos' sidekick for a time it is revealed that she is a Chaos Mite, one of the first forms of intelligent life in the universe.
Lunatik was created by Keith Giffen and Lovern Kindzierksi and first appeared in Marvel Comics Presents issue 172 (1995).
Major Story Arcs
Marvel Presents Lunatic
In his early appearances, Lunatik travels throughout the galaxy doing Lobo-like things in backup features and Marvel Comics Presents shorts. In his own miniseries he encounters other characters.
In Marvel Comics Presents #173 - Diabolical Designs; Repercussions; The Devil to Pay; Test Run: In a distant planet he met Silver Surfer. The Herald told he has a dark violent soul and evil weapons of destruction. He brings corruption any place he goes.
When, on a trip to Earth, he mistakes Avengers Mansion for a ritzy hotel and moves in for a day, wrecking up the place and it takes the full mid-90's Avengers lineup ( Black Widow, Quicksilver, Hercules, Black Knight, Crystal...) to take him out, or at least kick him out. After his miniseries and one or two more backup features, Lunatik goes dormant for a full decade.
Drax the Destroyer and Death
He resurfaces in the Annihilation prologue, Drax the Destroyer: Earthfall. He is without Skreet and never even refers to her. He's hardly even the same character anymore as no reference is even made to him being a bounty hunter and his dialogue is slightly more intelligent. He has also received a significant image makeover; his skin is now pale and ghostly rather than beet red, he is less bulky and we never see his face. As the story begins, Lunatik is incarcerated on a cosmic prison transport along with Drax, The Blood Brothers and Paibok the Power Skrull, in transit presumably to The Kyln / Crunch. The ship crash lands on earth and Lunatik, The Blood Brothers and Paibok set to press ganging the locals of the small Alaskan town they've landed in to doing repairs on their ship. Drax opposes them and is killed by Paibok, only to be reborn and, taking revenge, killing Lunatik and one of the Blood Brothers.