The costumed villain known as the Cobra was a spy working for the Nazis during World War II. By the winter of 1942 he was operating in the United States. He had kidnapped the American ambassador of a South American country in hopes of souring relationships between the two nations. This kidnapping attempt was witnessed by the Human Torch and Toro who gave the Cobra's men chase. The crooks were ready for them as their car was equipped with a gassing device that doused the two heroes' flames causing them both to fall out of the sky.
With Toro seriously injured the Torch went off on his own while medical attention was given to his ward. He Followed the crooks to the Cobra's secret cave hideout and battled them there but they held him at bay with fire retardant chemicals and asbestos lined blankets. The Cobra managed to get close enough to the Torch to wrap him up in one of the blankets, but the timely arrival of the recently recovered Toro turned the tide of the fight.
Toro rounded up the crooks and saved his mentor just in time for the authorities to arrive on the scene to take the Cobra and his men away. 
It was later alleged that the Parrot was one of many villains who were created by the Organizers, a secret cabal who created threats for Earth's super-heroes in order to keep them occupied and uninvolved in world affairs.
The Cobra had access to various fire retardant chemicals and asbestos lined blankets. He wore a Cobra themed costume that did not appear to have any sort of adaptations or gadgets inspired by his choice of moniker.