The Chosen One: In the movie, turns out Rikochet is the Chosen One that must defeat the evil El Maléfico to save the Earth. Somewhat averted in that they only win by he, Buena Girl, and the Flea working together. He doesn't even get the finishing blow.
Expy: El Rey (the actual one, not Rikochet's talking action figure) is intended to be one for El Santo. Rey Dinamico is intended to be one for Rey Mysterio Jr. (also doubles as a Lawyer-Friendly Cameo).
Evil Twin: In the first episode of season 3, Rikochet is framed for many misdeeds by an evil leprechaun named Rick O'Shay, who wants to destroy his reputation in order to salvage his own. "It wasn't me! It was Rick...O...Shay!"
The Faceless: Rikochet when he can't find his mask.
Feud Episode: Happens to Rikochet and Buena Girl in "Doomien".
Fun With Flushing: Rikochet, Buena Girl and the Flea fight a masked toilet twice in the series. Also, The Flea swims in a toilet at one point.
Good Angel, Bad Angel: Buena Girl and The Flea appear as Rikochet's angel and devil, respectively, in "Honor Thy Lucha". At the end, The Flea is convinced by two devils to melt the ice caps.
A later subversion has The Flea with a devil and an angel, but in this dilemma (in which The Flea has an unfair advantage because Rikochet is in very bad shape), the angel actually agrees with the devil.
Gosh Hornet: In the camp episode, when Buena Girl shoots a beehive during archery practice and they attack her.
Lampshade Hanging: In the final episode, The Flea points out the one thing that occurs throughout the series - cutting to a big word onscreen instead of showing the action.
Flea: Why do they always cut to a word on the screen instead of showing the action?
Living Toys: El Rey. There was also an episode where Rikochet found out he was secretly competing in wrestling matches with other Living Toys.
There are a couple of wrestlers that don't wear mask (the bullies that look like they came from WWE).
Some inanimate objects get in the the act, too. Remember the Evil Masked Toilet?
And animals.
Make My Monster Grow: Some wrestliers finishing moves involve increasing their size. In The Movie, the Big Bad does this after they beat him the first time. The trio follows suit for an epic battle.
My God, What Have I Done?: The Flea realized he has eaten all the candy inside the piñata in "Day of the Piñata".
Sealed Evil in a Can: El Maléfico was sealed away in the bowels of the Earth for 100,000 years. Flea sets him loose by reading a sentence from the Code of Masked Wrestling backwards. In the end, he gets put back in his can.
Serious Business: Lucha Libre has saved the world on at least one occasion, and most characters live their lives around it. The degree to which it is taken seriously is only a slight exaggeration.
Shout Out: Many. One notable one was to Edgar Allan Poe's "The Tell-Tale Heart", surprisingly, in the episode featuring ReyDinamico coming to Buena Girl's birthday party.
Sleep Cute: Buena Girl sleeping on Rikochet's shoulder in "Big Worm".
Soapbox Sadie: Buena Girl at times. Her fervent devotion can get annoying.
Stable Time Loop: Señor Hasbeena caused that bright flash which made him lose a match.
Voluntary Shapeshifting: It seems like it's just to illustrate the move at first, but later on in the first season it's revealed they actually do this in real time.