Disney+'s Loki shocked audiences in the second episode by pulling the hood back on the Evil Loki Variant. While the central mystery of the series seems to have been solved already, it's very early and plenty of twists likely remain. The actual Big Bad of the series may not be Loki at all, but a different character from Marvel Comics.
Any number of characters could be the actual instigator behind the destruction of the sacred timeline. Some make more sense than others, and some could even be very unlikely. From the character's appearance to some other contextual clues, there is at least the possibility someone else is behind it all.
The Loki Variant
The first possibility is just what fans have seen - the Evil Loki is actually Lady Loki. Lady Loki is a major variation of the classic comic book character. She debuted in Thor #5 in 2008, when Loki was resurrected in a new body after his apparent death in Ragnarok.
The key difference is the Lady Loki from the comics has dark hair, and the version in the series has blonde. That suggests that there could be a gap between the source material and the identity of the true villain, especially given the trickster nature of the character.
Enchantress
The Enchantress is one of the most powerful magicians in the Marvel Universe. She is also a blonde Asgardian of immense power with a strong connection to Loki. She's been a major antagonist of Thor since her first appearance in Journey into Mystery #103 in April 1964.
Co-created by the iconic comic book duo of writer Stan Lee and artist Jack Kirby, she is one of the biggest villains still unseen in the MCU. The second version of the character in the comics received her powers directly from Loki, suggesting a possible connection in the MCU.
Ravonna Renslayer
Judge Ravonna Renslayer seems to have a pretty defined role in the series as a figure of authority in the Time Variance Authority. But comic book fans know that there are actually two versions of Ravonna in Marvel Comics, and there may be two in the series.
The original died, murdered in front of her lover, the time-traveling villain Kang The Conqueror. He then traveled through time to save her, creating an alternate version of her that lingered in the comics for years. Given Loki has a variant, it's very possible that Ravonna does, too.
Gorr The God Butcher
One of the most intriguing possibilities for the Big Bad is Gorr The God Butcher. Christian Bale is playing the villain in Thor Love And Thunder, and there could be a direct link between Loki and that movie. Gorr travels through time hunting down gods for failing to protect his family, leading him to a direct battle with Thor.
Gorr could be a fascinating pick as the Big Bad, especially if his targets are any gods protected by the Sacred Timeline. He wields All-Black the Necrosword, a cosmic weapon created by Knull, the god of the symbiotes, including Venom.
What If..? Loki
Since Loki will visit a number of alternate timelines in the series, it is very possible that Loki will encounter many other versions of himself. One of them could be the Big Bad. One version of the character looking to undo the Sacred Timeline could be the Loki from What If…? #47.
This Loki found Mjolnir before his brother Thor and was worthy of it. If the all-powerful Time Keepers are preventing Loki from becoming the strongest version of himself, then he could be very invested in creating enough chaos to allow him to reign.
Mephisto
Mephisto proved to be a bust in WandaVision. He may not have anything to do at all with Loki, but there is at least the possibility thanks to an Easter egg in the first episode. The devilish supervillain Mephisto looks to be the figure in the stained glass window from the church in Medieval France.
While it could be nothing - and probably is - there were enough context clues in WandaVision to at least make the idea seem plausible. Creating havoc for the Time Keepers would be Mephisto's style.
Immortus
The Big Bad in the show is most likely someone with a strong connection to time traveling in the comics and a significant candidate is Immortus. Immortus is significant in the context of the series because he is a variant of another major character, Kang The Conqueror.
Kang created numerous alternate versions of himself throughout time, and Immortus is just one. Immortus once worked on behalf of the Time Keepers to hunt down Nexus Beings like the Scarlet Witch, something that has strong possibilities for the MCU.
Kang The Conqueror
Another major candidate is Kang himself. With the presence of Ravonna, Kang's well-documented comic book aversion to anything remotely resembling a Sacred Timeline, he is very possible as the Big Bad. Knowing the Kang The Conqueror will appear in Ant-Man And The Wasp: Quantumania, it's very possible he's in play in Loki.
Kang himself is capable of taking on different guises through his various schemes in the comics, so it's possible that Lady Loki isn't Lady Loki at all, but a version of Kang.
Kid Loki
If it's not Kang, other candidates for the Big Bad remain. One is Kid Loki, who like Lady Loki in the comics is a reincarnated version of the character. When Loki died at the end of the Siege storyline, he came back as a child.
In the context of the streaming series, this is intriguing because a young version of Loki may not be permissible for the Time Keepers and may want to ensure his survival. It could also add a narrative wrinkle if the concept of resurrection is introduced into the MCU.
King Loki
Perhaps the most compelling candidate is King Loki. This Loki is a future version of the character who finally assumed the throne in Asgard. Perhaps this Loki is seeking to secure their future success by messing with the Sacred Timeline. One possibility in the series is that Richard E. Grant is playing a role, so far unrevealed.
It's possible Grant, who bears some resemblance to Tom Hiddleston, is playing the older version of King Loki. It could end up being that he is the one behind it all in the end.