Masked vigilante
A masked vigilante is a fictional character who wears a disguise in order to pseudonymously thwart criminals' plans.
The thwarting often involves violence and a lack of due process. The disguise has multiple purposes: concealing their identity allows them to attack equally violent people without facing any repercussions from either them or the police; and donning a more elaborate, larger-than-life costume may intimidate people, at least in fiction. This goes doubly so when combined with simple stage magic tricks and various paraphernalia that facilitates a hasty exit, such as smoke bombs and grappling hooks.
While not strictly impossible, the concept is inherently absurd, yet it taps into a simplistic and presumably emotionally engaging desire for revenge that readers and audience members alike can get behind. It's also photogenic. This combination makes it popular in visual media such as comics and films.
Examples include Zorro, The Shadow, The Phantom, Batman, and later V from V for Vendetta.
Compare with the often similarly-dressed superheroes, who have superhuman (and often flat-out supernatural) abilities, placing them firmly within the fantasy genre. Both appear to primarily be wish-fulfilment fantasies for boys who want to fantasise about fighting people without repercussion, and to even be admired for it.
The concepts of superheroes and masked vigilantes alike are interrogated in Watchmen.
Comics: Comic book | DC Compact Comics | Graphic novel | Limited series | Masked vigilante | Modern Age | Superhero | Watchmen