Francisco Román was born on October 4, 1869 in Alcala, Cagayan to Pelagia Velásquez, a Tagalog and José Román a Spanish national. Pelagia was the sister of Hilaria Velasquez, the mother ofJosé and Rafael Palma. Paco's father, José, was a licensee of the tobacco monopoly system then implemented in the province. The family moved to Manila where the elder Román established a factory. Francisco then studied at Ateneo Municipal and eventually pursued studies in Hong Kong. Roman married Juliana Piqueras, whom he had two children, Juan and Carmen.
Francisco Román assumed his father's business after the latter died and secretly donated to the revolutionary cause. Being the son of a Spanish national, he sided with the colonial government and was believed to have volunteered in the Spanish cavalry in order to not be suspected of aiding the revolutionary forces. At the outbreak of the Philippine–American War, Roman joined General Antonio Luna's forces and rose to the ranks to become a colonel and Luna's aide-de-camp. Román led what came to be known as the Second Battle of Caloocan where his forces were able to push the invading American forces back to Azcárraga Street in Manila.
Assassination
While setting up his mountain headquarters in Bayambang, Pangasinan, General Antonio Luna received a telegram on June 4, 1899 from Cabanatuan, Nueva Ecija summoning him to a conference with the PresidentEmilio Aguinaldo. Román, together with Captain Eduardo Rusca, Majors Manuel Bernal, José Bernal, and Simeon Villa, and 25 cavalrymen, joined Luna to Cabanatuan. The next day, en route to Cabanatuan, a broken bridge posed to delay the entire party. Luna, accompanied by only Román and Rusca, decided to proceed immediately to the parish convent which was used as Aguinaldo's office after moving the government's capital from Malolos. At around three in the afternoon, Luna, Román, and Rusca arrived at the convent of Cabanatuan, with Luna proceeding to meet Aguinaldo. Upon hearing gunshots Román proceeded to come to Luna's aid, but was assassinated himself by Aguinaldo's personal guards from Kawit, Cavite. Román was buried together with Luna at the town cemetery with military honors. However, the whereabouts of his body was lost, as Luna's was later exhumed and transferred. Aguinaldo denied any knowledge in the assassination of Luna and Román, but acknowledged his failure to persecute the people behind their deaths.