Defeating base Raichu involves exploiting its Ground weakness.
Garchomp naturally counters it, being immune to Electric-type moves and threatening an instant KO with Earthquake.
Kingambit also counters it, easily absorbing its utility moves and threatening heavy damage with Kowtow Cleave or Sucker Punch.
The best moveset for Raichu in the current competitive meta typically features the moves Fake Out, Protect, Zap Cannon, Focus Blast.
In the Pokémon Champions meta, Raichu can be countered by exploiting its weaknesses (ground 2x) and using effective check/counter teams.
The best item for Raichu is typically Raichunite Y, based on high-level tournament and ladder stats.