Known Portal Masters
Kaos is an evil Portal Master and is the main antagonist of all the Skylanders games. He has several evil Skylanders, and each are found either in battling him in a boss battle, or going into an Elemental Zone (these are known as Ambush, and typically you are attacked with two evil Skylanders that are the same (i.e., two evil Sunburns will attack you)).
Eon is a pure-hearted Portal Master who is the Portal Master before the player. He dies in the first game and returns as a spiritual head. Eon is the one who recruits the Skylanders, and then Cali, Hugo, and Flynn are supposed to help train the Skylander.
A Portal Master has the power to control Portals, most commonly portals to Skylands. Portal Masters are shown to only be human. When Portal Masters die, typically their Skylanders will remain stuck in Skylands (shown when Eon was killed and the new Portal Master (the player him/herself) enter the game). Portal Masters are also shown to be able to use a Portal themselves (shown by Kaos in a cutscene in Skylanders: Giants) but they will become injured upon doing so.
 Unknown Portal Masters
Hugo makes several statements during the first game that suggest he may have been a Portal Master, or a serious helper to Eon in recruiting Skylanders. He is very much a brainiac, and though he doesn't look to be very old, the Telescope they use to look for the Eternal Sources is ages old and so is the Core of Light, with Hugo claiming to have helped with their design (even though he admitted he did not build them himself).
But one thing that would stop Hugo from becoming a Portal Master is the fact that he is a Mabu, not a human.
A Portal Master has the utmost control over any Skylander, but a Skylander is not a Portal Master's slave--they agree to the job and know what they're getting into, and if something isn't right, they will stand up for themselves, according to what Eon says in a Story Scroll in Skylanders: Giants.
 The Core of Light
Portal Masters also watch over the Core of Light, a magical item on Skylands that holds all the Elemental Sources and all the magic in Skylands. It is the only thing keeping The Darkness at bay.
Related ThreadsSkylanders Trap Team announced for Fall 2014, lets Portal Masters trap and control forces of Kaos - last post by @ May 5, 2014
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