Suspects [My opinions]
Ichabod Crane = No. I had my doubts about him being the killer when everybody else thought he was. I was 100% that Crane was not the killer when we found him at the Pudding N' Pie and when BM said "Just between us girls. Crane ain't no killer"
Bluebeard = Not sure. I don't know if he is the murderer. But I know that he is planning something.
The Crooked Man, Bloody Mary, Jack Horner, Tiny Tim, Dee and Dum = Not sure. I don't think anyone of those guys did it. First of all, they didn't really have a reason. But nothing would surprise me at this point.
Beauty and Beast = No. They didn't kill Faith and Lily, but they are working for the Crooked Man FOR SURE. Why am I so sure? Tell me who told Dee and Dum that we were after Crane when we got to the funeral?
Vivian = Possibly. Reasons why I believe it's Vivian = In Episode 1 Crane tells Snow to call Vivian for his massage. That shows us that Vivian knows where the rest of the girls are.
In Episode 2 we see Vivian outside the club SMOKING. We also found a Huff and Puff in the crime scene. Crane doesn't smoke, Lily wouldn't be allowed to smoke since Snow doesn't smoke (so she would ruin the fantasy of Crane), Woody smokes but he can't be the killer because he was in custody (if you choose him as a suspect) so he could't have done that. Bigby also smokes that "Crap brand". So that leaves Vivian.
In Episode 3, at the funeral, Vivian's card was rather...weird. "Lily. Now you will never die from indifference or lead tedious life. Goodbye sweetheart. Thanks for everything ~ Vivian." Also, she always is close to Nerissa. I think Nerissa knows that Vivian is the killer, that's why Vivian wants to be close to her. I noticed that when Nerissa was talking to Bigby at the funeral, she looked back like she didn't want SOMEONE to hear her talking to Bigby. In addition, Vivian was trying to persuade Bigby and Snow (at the club when we found that Crane was there trying the Ring of Dispel) that Crane was the killer. The last piece of evidence is what Crane said himself "Stupid girl and their preposterous schemes!".
Cryer = Not sure. Cryer is either the killer OR just a model/ragdoll that TTG use to trick us/or they're bored of making any new models.
Any other opinions? Please share them 
Also, a great thank you for the Vivian theory ===> http://www.telltalegames.com/community/discussion/65690/stupid-girls-and-their-preposterous-schemes-my-theory
Comments
Er, B&B are not working for the Crooked Man, Crane is, remember he was watching Bigby investigating Room 207 too. Cryer is definitely involved in this, it can't be a coincidence him popping up everywhere. Can't be Bluebeard, but he's one of the main characters In the comics, there is no way he got away with it a second time, Bigby would've killed him and if he did get away with it Bigby wouldn't have treated him so nicely. In my opinion I feel like we've haven't seen the killer yet
Didn't Beauty owe Crooked Man money? I think that's his point. She's now working that crap job to pay it back.
I highly doubt Bluebeard has anything to do with it.. Well, because exactly as you said, he's in the comic.
How the Cryer is involved.. Not sure yet. I doubt his appearence is coincidental, however it is theorized on these forums that he's the reason for the delays(perhaps rewrites), because people figured it out too soon. (this seems doubtful though). I don't remember seeing him during ep3 at all though.
Man your Vivian theory makes a lot of sense, although i don't think it was her it would be interesting to see if she actually knows the killer and her "My lips are sealed" crap it's just a façade and she actually works with the killer.
It's not BlueBeard and that's for a fact because of his appearance and status in the first volume and other volumes.
That Vivian theory is pretty good!
Vivian is suspicious atleast. Funny thing; I never actually considered the fact that she smokes. I noticed it, but I never made the connection, and it's honestly really obvious looking back. Do we see others smoking? The Tweedle's smoke cigars so not them, but any other?
I just right now don't see any motive for Vivian. Why exactly would she want Lily dead? And where does Faith fit in?
Was Faith mistaken for Lily (Lily thanks Faith for covering for her in a note you find in ep2)? If Vivian did kill Lily and/or Faith, she was probably pushed to do so by other people.
And what exactly does Nerissa know? She knew it was Crane, she confirmed it during the funeral.
And one last think that's eating at me: What the hell does the ribbon from Ep1 mean? I feel like it has a deeper meaning.
(just a theory) I think Nerissa will die in the next episode. We saw on the trailer that she will got to see Bigby in his office, possibly she wants to confess the truth. That's why she is going to get killed. Also I think that the ribbon is magic. It has the power to silence the girls (that's why the say "My lips are sealed" all the time).
Also guys two more theories about who the killer is.
1) Do you think the ribbon has something to do with it? I heard it many times, the ribbon is the cause of "My lips are sealed" line. And when someone tells the truth OR tries to remove it dies.
2) At the end of episode 3, BM says "Long live the Queen". My first thought was of course The Queen of Hearts. If you know who she is, you probably know the line "Off with the head". To those who don't know who she is, I will give you some info. She was the main antagonist in Alice in the Wonderland (and the fact that the Tweedles are from the same tale makes a lot of sense) and she was decapitating whoever was in her path (and mainly because she was crazy). So what I think is that she is going to try to take the place of King Cole. Why? Because BM also said "Off with the old, in with the new. Long live the queen".
Thoughts?
I think she's already helped Bigby enough to be decapitated. What initiates the decapitation directly? That is the question
The Ribbon thing makes sense. I somehow just forgot in my last comment that Nerissa has one too. So it makes sense.
This actually sounds like a really interesting theorry. Unless, of course, she's just talking about herself, and what a badass she is.
Probably a key question to all this story is: why do these people get into debts with the Crooked Man?
I like the theory of the Queen of Hearts from the Alice, actually!!
Also, is Vivian part of any fable?
I think the Crooked man owns a Pawn shop (that's how BM got Woody's axe)
As far as I can tell, no. At least none that have been confirmed. The only usage of a name similar to "Vivian" that I can find the "Lady of the Lake" in Arthurian legend. If Vivian does turn out to be her, then she apparently possesses a great deal of magical ability, since she was taught magic by Merlin.
Why did Beast go to the "working girl hotel" anyway in Episode 2?
He didn't mean to, he was still looking for Beauty and he saw her through the door (the door was glass)
She doesn't have any fable-like backstory, i mean her book of fables entry it's really weird:
Much of Vivian's past is unknown since she prefers not to talk about her life back in the Homelands. She wanted to start fresh in Fabletown, but she finds herself working for Georgie at the Pudding and Pie. It's not a terrible life. Georgie took a liking to Vivian, so he doesn't make her take jobs at the Open Arms. Instead she plays hostess and helps Georgie ensure complete customer satisfaction.
Ya, Vivian so far hasn't really done anything for the story. She has just been hanging around, which makes her super suspicious.
You should at least give credit to the guy that came up with the Vivian theory -.-
Do you mind telling us who did it?
I don't know his name
Jenny. I don't say the theory is true but it's mine.
http://www.telltalegames.com/community/discussion/comment/1091975#Comment_1091975
I think that Faith wasn't really killed. I think that she was running away from someone, comming to Bigby for help. Then she's ribbon fell of with her head (probbably when she was climbing up the fence). Then "killer" drop her head at the entrance (don't know why).
Also i don't think ribbon is connected with that speech spell because the morror also said "these lips are sealed" when you ask it about Faith, and it doesn't have the ribbon.
Who is Tiny Tim?
This guy:
oh yea thanks
Could be...I like this theory
Guys I also found out something rather interesting. In the Tweedles secret basement area, there is a package addressed to B.C.W. Anyone wants to take their best guess on who B.C.W is?
Boy Who Cried wolf, in other words, Cryer.
yep...
That marks him on a suspect list...
I still think it's too obvious. No offense, but.. This discussion has been there since Ep1, the problem being of course his model showing up twice at the same time more than one once, across time and place. Why would you use a placeholder model on your murderer on one of the biggest characters in the game.
I can't dismiss that he shows up at weird points, and I'm not saying he doesn't have his own agenda or is involved somehow. But I doubt he's the murderer. Feels more like a red herring to me.
I also found something else. If you pause at the moment when Bigby is at the Pudding N' Pie talking to Nerissa backstage for the first time and he points at the name of "Mr. Smith", you can see an entry in the book called "B.W.C.W", private residence. Another coincidence maybe? I don't know if he is the KILLER, but I think he is heavily involved
He most likely lends people money when they need it.
yeah
The contents of the box is way more interesting. It's a redcapped mushroom in a glass container, but it's said to be ordinary. Now I don't know why you'd keep an ordinary mushroom sealed like that. Seems like some sort of magic ingredient.
Biggest problem being, of course, we haven't heard mention of something like that before, so it's hard to say.
That's an interesting catch (or maybe, just maybe, he just lives there and it's nothing.
), but as I said, I'm not trying to dismiss the theory, and I'm definiteiy not against his involvement somehow. I just figure it's more of a personal vendetta. It's hard to say, because we're getting so much new stuff. What actually does lend little credit to the theory is that I don't remember Cryer ever mentioned in the comics. What doesn't is the recuring model usage. And is he even seen outside of Ep1? I don't remember. Is any evidence pointing towards him thus far?
There's also the off chance that "B.C.W", if that's what the box says with a missing W, that it's totally different people. Not that I know who.
I think Nerissa knows. If only the ring worked.
Badger or Headless Horseman
I personally think that it's either Vivian or Nerissa: either Vivian used Nerissa as a means of killing him, or she did the deed herself.
Yeah, B.W.C.W. and B.C.W. aren't the same person. Also I don't know how people come up with that the Cryer is that red haired guy. Maybe B.W.C.W. is someone else...