The Ace of Swords, also known as the Ace of Spades, was an organisation founded in secret during the olden days of Equestria, not long after Nightmare Moon's banishment, dedicated to studying magic that could be used to defend Equestria against its enemies. Its first members consisted of former royal guards, who, while still loyal to Princess Celestia, felt that being a publically official military would not be sufficient for the protection of Equestria; deciding that going rogue would be the best option as the obscurity would lend credence to secrecy, privacy, & stealth.
The name, & subsequently the logo design, were intentionally picked out & inspired from the Ace of Swords in a standard deck of playing cards. This way, when members spoke to one another, eavesdroppers would be more likely to assume they were talking about card-games, rather than an organisation.
As the centuries passed, the group eventually found themselves settled in researching the magical properties of the Dazzlewood Forest; believing there might be a way to weaponise the forests' magic. Having found a base location, & as a natural outcome of growing to have many members who wanted to partake in the research, the group became more well known to the princesses; though still a secret from the public eye, but it was not until Princess Twilight's reign that they once again became an official part of Equestria's royal parliament.
The group eventually came upon a young unicorn filly, by the name of Platinum Touch. Seeing her powerful magic & unique ability to drain magic from other creatures; it seemed like the Ace Of Swords finally had a conduit for channeling all of that magical power. ...Even if the involvement of a child in all of this seemed to strain relationships within the group.
These strained relationships snapped, when several notable members, Hexapoda, Silkworm, & Antennae, went missing; never to be seen again. Platinum Touch, meanwhile, had decided to pursue becoming a celebrity with her magical talents. The loss of a fellow member & suddenly having to backtrack on their research, led to many members feeling discouraged, eventually leaving the organisation.
...All except Falcon Flight; who's now redirected her efforts to finding her missing friend, as well as continuing the research on the magical properties of Dazzlewood Forest; not for Equestria's sake or to weaponise it, but for the sake of the forest itself. She's become the last protector of this enchanted habitat full of endangered, magical life.
...Well, at least until Hindwing & Honey Shock decide to start snooping around, that is.