Schedule a meeting with your boss to see if you can get a raise.
Even a minimal raise will make you feel better, since (hopefully) you’ll be out-earning your lazy colleague. But under no circumstances should you base the raise request on the fact that you pull more weight than your colleague. That can actually backfire, causing your raise to be outright denied.
Instead, be smart about your request by making it all about you. Show through examples how you have helped the company. Maybe you were instrumental in implementing a new program that boosted productivity within your department and also saved the company money as well. Showcasing the great work you've done can help you get not only a raise, but some much-needed respect from your boss, too.