- “I told you, didn't I? She's the fastest ship in the world!”
- —Setzer Gabbiani
The Falcon was originally owned and built by Darill, Setzer's girlfriend. Darill wished for the Falcon to be the greatest ship ever built, but acknowledged the risk in pushing the ship to its limits and told Setzer the ship was his if anything happened. Laughing at such an idea, Setzer eventually challenged Darill to a race for the ship. Darill won and continued flying to see how high the ship could go while Setzer landed. Darill never returned from the flight, and Setzer found the Falcon's wreck a year later. He rebuilt the ship and buried it in Darill's Tomb, unable to stand the sight of it.
After the end of the world, Setzer returns to the tomb with Celes and Edgar (and optionally Sabin), and salvages the Falcon. With the new airship and ability to fly about the new world, the party slowly rebuilds its ranks and eventually assaults Kefka's Tower from the air. During the ending the ship is nearly caught in the collapsing rubble of the destroyed tower, but the party successfully escapes and the Falcon presumably continues to be used by Setzer.
At the time of Celes's arrival in Kohlingen, Setzer was occupying the local pub. At this same time, an unnamed old man wandered around outside of the pub, offering to unequip the party members if spoken to. After Setzer reacquired the Falcon, this old man could no longer be found in Kohlingen, but rather, on the Falcon as an aid to the heroes. It is unknown as to why the old man did this, though worth noting that this old man was not found in Kohlingen during the World of Balance, so perhaps he was only visiting Kohlingen with Setzer.
- Top Deck: The Falcon's top deck is much longer than that of the Blackjack. It houses the airship's controls and a hatch leading down.
- Lower Deck: A large room with a lounge area below a balcony. The upper part of the area contains a hatch leading to the Engine room, and a door leading to a small, private room where Setzer stands when not in the party. Most of the party members wander about here. There is also an unnamed old man who will unequip party members by the ladder to the upper deck. Oddly, unlike the Blackjack, the Falcon contains no doors on its lower deck to exit the ship with, because it is boarded from a hook.
- Engine room: Located below the lower deck, it contains the airship's workings. Cyan and Gau stand here when not in the party.
The Falcon appears in the background for the Field Music Sequence Searching for Friends. The airship flies into view shortly into the song and flies in the background for the duration, flying up out of view during the Feature Drive and returning when it ends.