We didn’t have to wait long to find out exactly who was beneath the hood on Loki. As it turns out, it isn’t Loki as we know it. In fact, it appears to be a female variant of Loki who is hellbent on the glorious purpose of nuking the Sacred Timeline and making a right mess of the work of the mysterious Time Keepers.
After a failed mission and a heaping helping of scheming, our Loki seems to uncover the true location of the rogue variant: hiding in the chaotic nexus null points of apocalyptic events. This was a pretty clever discovery by Loki who, in comparison with the agents of the TVA, seems to be quite a genius. The TVA agents honestly seem like complete fools. Did no one ever consider some kind of projectile or range-based weapon? That probably would help a lot more than the effectively useless time batons.
Things ultimately lead to Loki and Mobius leading a raid on an apocalyptic event in 2050 which, as it turns out, is the hiding spot of the variant Loki. The variant uses their powers to enchant multiple people and converse with Loki before enacting their plan to drop reset charges to various time points across the Sacred Timeline. We learn that the variant isn’t like the Loki we know and doesn’t even like to be called Loki—she is a lady as well, don’t you know?
What exactly being a female variation of Loki means for the story going forward is anyone’s guess. We see our Loki escape into a portal with the female Loki at episode’s end, and it seems almost like Lady Loki had intended for him to follow. My guess is that Lady Loki isn’t so bad after all, and perhaps it is the Time Keepers who are Wizard of Oz-ing everybody and enslaving the people of the TVA as the braindead agents of their control over time.
One way or another the TVA does not appear to be all its cracked up to be, and Loki pokes countless holes in the reality presented by the TVA during a conversation of Mobius. Things certainly aren’t so simple and, as Loki references earlier, the bad people aren’t truly bad and the good people aren’t truly good. I’m willing to bet next week we will get a bit of a explanation from Lady Loki about what is actually going on here. For now, my money is on the Time Keepers being the real big bads of the series.