Schroder debuted in the 1979 remake of the movie The Champ. He became well-known as star of the television series Silver Spoons, but as he grew older, he struggled to become known as a serious actor, changing his name from Ricky to Rick and preferring to take roles which helped him to stretch as an actor.
His co-starring role in the Western mini-series Lonesome Dove and its sequel, Return to Lonesome Dove, helped Schroder's attempt at maturity. Still, it came as a surprise to much of the public when it was announced that he had been chosen to act in the series NYPD Blue, notorious for its partial nude scenes.
Schroder only acted in NYPD Blue for three years, preferring to leave Hollywood with his family to life full-time on the family's ranch in Montana. He still commutes, having appeared in films even as he built a log cabin on his ranch.
In 2000, Schroder made an appearance on stage at the Republican National Convention, endorsing Presidential candidate George W. Bush. He is a member of the National Rifle Association