The villain in Far from Home is Mysterio. In the comics, he has first introduced in The Amazing Spider-Man no. 13 comics. He is the alter-ego of Quentin Beck, who is a special effects artist and stuntman who becomes frustrated after failing to be a lead man in Hollywood after all of his efforts.
Unlike other villains (and superheroes), Mysterio does not have any superpowers; he relies on his stunt training, technical skills, and intelligence. He can disguise himself, confuse, hypnotize, and manipulate people. He wears a helmet that looks like a fishbowl, but this can project 3D illusions and protects him from the chemical gases he uses on his opponents to make them weak.
Jake Gyllenhaal is the classic Spiderman villain, Mysterio, and Spiderman has been battling him for decades. Mysterio's real name is Quentin Beck. He used his specialized effect knowledge to trick the world into thinking he was healthy. He wanted to become an actor, but nobody took him seriously, which led him to a life of crime. Spiderman eventually exposes Mysterio.
Mysterio faked Aunt May's death, and he attempted to rob Parker industries. He records his villain monologue, and he shares it with "The Daily Bugle." This version of Mysterio would stick around for a few years. He eventually joined the Sinister Six alongside classic villains, such as The Vulture and Dr. Octopus.