Demon Lords are species stronger than common Demons, but still weaker than the Demon Overlords. You don't see one of these every day. Together with the Overlords, they ally to one of the Archdemons' Cabals, and spread hatred over the land.
Orshabaal is said to be either a Demonlord or a Demon Overlord (follower of The Ruthless Seven).
gp, 0-71 Platinum Coin, 0-19 Small Amethyst, 0-13 Black Pearl, 0-9 Small Emerald, 0-9 Small Sapphire, 0-5 Talon, 0-5 Demonic Essence, 0-2 Demon Horn, 0-1 Gold Ingot, 0-2 Small Diamond, 0-? Coconut, Ring of Healing, Protection Amulet, Ring of the Sky, Death Ring, Energy Ring, Might Ring, Stealth Ring, Gold Ring, Crystal Ring, Teddy Bear, Green Gem, Blue Gem, Golden Mug, Purple Tome, Orb, Ultimate Health Potion, Great Spirit Potion, Great Health Potion, Great Mana Potion, Magic Light Wand, Life Crystal, Crystal Necklace, Strange Symbol, Mind Stone, Orshabaal's Brain, Ice Rapier, Two-Handed Sword, Giant Sword, Silver Dagger, Double Axe, Fire Axe, Golden Sickle, Thunder Hammer, Dragon Hammer, Skull Staff, Wand of Decay, Necrotic Rod, Snakebite Rod, Devil Helmet, Magic Plate Armor, Golden Legs, Boots of Haste, Stone Skin Amulet, Platinum Amulet, Silver Amulet, Demon Shield, Mastermind Shield, Crystal Ball, Robe of the Underworld.