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In a historical context, a rake (short for rakehell, analogous to "hellraiser") was a man who was habituated to immoral conduct, particularly womanising. Often, a rake was also prodigal, wasting his (usually inherited) fortune on gambling, wine, women and song, and incurring lavish debts in the process. Comparable terms are "libertine" and "debauchee". ]
Note that this is a very outdated term. It is is never used in everyday modern English, and most younger people have probably never heard of this meaning of the word. We're still aware of the term because of two well-known works - a set of 18th-century paintings entitled 'The Rake's Progress' and a 1950s opera of the same name.