Warning: The following article contains spoilers for Episode 2 of “Loki.”

The second episode of “Loki” brought us our first glimpse at our big bad for the series. It’a a woman with blond hair, dressed similar to Loki.

With all the talk of variants and illusions, we rushed to think that the female-looking Loki was, in fact, Lady Loki, as I wrote for the Deseret News.

But a new Marvel theory suggests it’s not Lady Loki at all.

‘Loki’ Episode 2 ending, explained

In the second episode of “Loki,” we see Loki meeting with the Loki variant who has been on the run, killing members of the Time Variance Authority and stealing timeline reset charges. She appears to be a female version of Loki.

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In the Marvel comics, Loki was reborn as Lady Loki after the Ragnarok Apocolypse on Asgard (which, in the comic books, happened in 2008. Loki sent his spirit into the body of Lady Sif, who was Thor’s lover at the time. From there, Lady Loki worked like Loki.)

However, there’s a theory that the end of “Loki” Episode 2 showed us a different villain — Enchantress.

Is it Lady Loki or Enchantress?

So there’s a running theory that Lady Loki is Enchantress. One reason? Well, the Castilian Spanish dub for the show lists the character's name as Sylvie. And the second version of Enchantress had the name Sylvie Lushton before she became the villain, according to IGN.

And, as IGN reports, Enchantress has been known for wearing green costumes with blond hair. Lady Loki, meanwhile, has had dark hair in the comics.

We won’t know until the series ends. But Brandon Davis of ComicBook.com presented another idea — maybe Marvel is doing a little bit of both. In Davis’ “Loki” breakdown video, he explained that Marvel might be mixing the Lady Loki character and Enchantress together, combining two villains into one for the sake of clarity.

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Who is Enchantress?

Enchantress originally came from Asgard, where Loki and Thor are from. She could manipulate minds and enchant people’s minds with spells — similar to Sarah Jessica Parker’s character in “Hocus Pocus.” But Enchantress could never enchant Thor no matter how much power she used.

The Sylvie version of the character, who came later in the Marvel comics, got the power from Loki. And she has a muddled history, too, IGN reports.

“Though often presented as an antagonist to teams like the Young Avengers and the Defenders, Sylvie is a character much like Loki himself. She’s torn between a seemingly inevitable destiny of evil and a desire to write her own story,” according to IGN.