It's currently held by the Dragon Queen, Helene Argyris, lady of House [REDACTED].
History and Lore
Originally, the Dracos never had a single ruler, but rather, the different groups that followed one or another Lord, all of them attempting to become king of all dracos.
Eventually, the title was first held by Bowein the Great, the first known Dragon Rider in all of history. Most notably, Bowein was a commoner, but due to his extreme popularity among his fellow commoners and the lack of a lord powerful enough to stop him (and the animosity existing between the dracolords did not allow them to join forces against him) he was eventually crowned the first Dragon King and founded his own House.
His successors inherited that title as well for hundreds of years until [REDACTED] the Mad, who was eventually dethroned and killed during Helene's Rebellion.
Draco Royal Guard
After the Dragon Knights of the Dragon Order severed ties with their people, the Draco Royal Guard was created.
An elite force of five Dragon-riding knights who would bodyguard the Dragon King and his family members with their own lives, to obey the king's commands, to give council when they are asked and keep silent when not, to defend his name and honor, and to keep all his secrets. They should also protect the king's family. The King is also able to extend the protection to others.
The Royal Guards take the holiest vows to serve the Dragon King. They are sworn for life, and can only be dismissed from service by the King himself if he sees that the knight has failed in his service (though this is very rare to happen). They are also forbidden to own land, wed and to have children. As they are all sworn knights, they are supposed to be an example of knightly virtues.
The Lord Commander of the Royal Guard is chosen by the King himself, with seniority and ability playing a big part in that decision. He is also chosen by the existing pool of Guards.
The current members of Helene Argyris' Guard are: