The Headless Horseman Theory
Okay, so this is my 2th theory
After reading this post: 
I've started digging more on this theory that the Headless Horseman exists in this world, that he's in Fabletown and that he might be the serial killer who killed Faith and Snow.
The proof that he exists
When Ichabod Crane leaves his office, Snow, Wolf and Bufkin search for any register of Faith. When they Bufkin finds the books, Snow says: "Any information on fables in our community will be somewhere in these books". So every fable character in those books are either in the community (except for faith's father, which is dead). There's an image of Ichabod and the Headless Horseman at the right up-corner of the image. 
So this means that the horseman does exist in this universe and might be in Fabletown.
The proof that he might be the serial killer Notice what Ichabod said when Snow told him that she'd found Faith decapitated:
"The one who so simply "stumbled" upon this catastrophe on our very doorstep! The last thing i need with Mayor Cole away is a hysteria." Do you know what Hysteria means?
"The fear can be centered on a body part, or most commonly, on an imagined problem with that body part."
See? Ichabod is scared that HE gets decapidated. But why is he so scared? Because the thinks the killer is the horseman. That's why he threatens to fire Wolf and Snow, because he wants him caught. So that mean, Ichabod KNOWS that he's in Fabletown!
And also, there's this:
"I brought you this news i soon as i could!"
"You are trusted to keep thing running smoothly around here! This is a disaster!"
This coversation means that Ichabod wanted Snow to find the severed head earlier, because then he'd have the killer, presumably the horseman, killed. But... why? Why would the horseman kill Faith and Snow?
Why?
I think he killed them as a warning the he's coming to Ichabod. Kill Faith to set as a warning that he's willing to kill any fable, and Snow to warn that he's approaching Ichabod (as she's his assistant).
Well that's my 2th theory. Check out my first theory, The Tweedle Theory.
http://www.telltalegames.com/community/discussion/51273/tweedle-s-serial-killer-theory
Comments
I was starting to think the same, none of the current suspects likely did it, so I am thinking beyond them, I like this theory.
hm personally I think Ichabod might be involved in the rise of the Headsman, but then again I might be wrong. I do believe the headsman is the killer though, I mean Crane/Ichabod was known as a coward in the fable, so he might be just as scared now in New York
True, just because you had the opportunity to change does not mean everyone did.
Well when I was thinking about change, bluebeard crossed my mind. Unfortunately, the fable says that bluebeard was decapitating his wives, not random women and since neither Faith nor Snow were his wives, it seemed a bit impossible. Bigby did change indeed, but Ichabod is def the same coward, except that now he's the one in power(technically speaking).
Couldn't the killings be personal towards Bigby rather than Ichabod? You obviously take a liking to Faith and based on Colin's conversation with you, your feelings towards Snow are easily known. And remember, the Horseman usually keeps his heads. I am more inclined to think the bodies would be left as evidence instead. You obviously have thought about this deeply, but I'm still unsure.
Good point, but then again none of this theory's are air tight currently, I personally like the idea but I will keep a open mind about everything.
Nice theory. I'd love to see Headless Horsman in the game. But does anyone know what HH would look like with glamour, maybe from the comic or something. Does the glamour, if he uses it, give him a head or something?
Usually if a crime was committed it must be with a reason in mind. The problem is that I do not see any connection with someone hating Wolf enough to Snow and Faith. Yes, everyone was aware that something was going on between Bigby and Snow, but he only had contact with Faith once which would make the killing a bit odd since there were more women known. Let's assume someone hates Bigby a lot and tries to kill every women that Bigby had contact with. Going with that in mind Beauty might be the next target. The problem is that it still does not explain who would hate him enough to do that. In a thread below someone pointed that the ginger boy had clean clothes and everything when they met him. The killer however left a tiny piece of fabric and there was blood all over the place. Right now , I don't see any other explanation except that the Headsman is collecting the blood price (or rather the ''head price'') or he is just loose and Ichabod is freaking out.
This is an amazing theory that I did not think of and makes sense on why the victims are be headed and placed.
My guess he would look rather normal, with a actual head on his shoulders, so I would say picking him out of a crowd with Glamour would be rather hard. Come to think of it, does he ever show up in the comics?
I like this. Two things to add - the first being the whole "lips are sealed" thing (Faith, and the mirror mention this). I'm inclined to believe that this is the biggest hint towards the killer's identity. Second, if we go by this theory, then I think the horseman may actually be a tool, as opposed to working alone. He has no motive to kill the girl. If he's trying to get to Ichabod, there's plenty of more likely targets that would personally affect Ichabod.
I do keep going back to the lips though - Faith pointed out her ribbon very intentionally. I'd suspect she's under a spell where she's unable to respond with anything other than "my lips are sealed" by the killer.
Oh, one more thing - I'm pretty sure neither Faith nor Snow are dead. When you look in the mirror and ask about anyone, dead or alive, the mirror shows them to you, except for Faith, who we (think we) know is very much dead. I'd bet once the heads are examined we'll find they're either fakes, or other people's heads glamoured to look like Faith and Snow.
I actually agree with you on that. I thought they might be dead but then I watched a gameplay and I noticed those words from the mirror: ''Through powerful magic her whereabouts concealed. Unfortunately for you, ''these lips are sealed''. The first sentence it says that magic hides her, while the second one might refer to her location being hidden . Also, I like your observation with the ribbon in Faith's mouth. It's possible there is something similar in ''Snow's mouth'' as well, we just haven't seen it
I'd like to add something else: at first, I thought the mirror couldn't show you Faith's location because she was dead, but it has no problem showing you Faith's father, who is a skeleton by now. So there's that, too.
Your logic is a little flawed. Without spoiling anything I can say that not everyone who exists in those books, and still lives, is part of the Fable community. It says in the intro that the Fables were exiled from the Homelands, but that's not strictly true. Those that could fled but many remain in captivity.
Bigby specifically states that Little Red Riding Hood didn't make it out, yet she's in the book. Also, there is absolutely no way Snow is dead if the story is faithful to the Fable universe.
Someone is trafficking in princesses and Beauty is next. Whoever is doing this is using Bluebeard as a convenient scapegoat.
Interesting. Also if you look at the "In the next episode" cinematic you can see Bigby arguing with Crane/Ichabod. It seems like Crane would've done something bad.
The thing I encourage the most is to wait and see what happens in the following episodes , and we can draw conclusions from there on. Right now we're only at episode 1 , and there's not much to consider except some theories.
It is also not likely to be Bluebeard because if you tell Ichabod that you suspect him he will respond that Bluebeard is currently out of the country.
Noface is right, if you examine Red Ridding Hood in the book of Fables Bigby comments on it saying that she didn't make it out during the Exodus.
So not everyone who shows up in the book necessary are in Fabletown or even still alive.
I believe the scenes chosen in the book are just there because they are scenes that make the characters more memorable, to make it easier to distinguish who they are. If the picture just showed a guy with an axe I'd think of Paul Bunyan or something but put him next to a wolf and a girl in red and I know that he's the Woodsman. Same for Ichabod, show a damper looking Englishman or American colonist looking guy and I don't think of anyone, have that same guy chased by the HH and I know it's Ichabod Crane.
The HH theory is very cool and in some regards it makes sense, however I think that some of the other theories make much more sense with way more backing such as the RHG theory where the Ginger character is actually "the boy who cried wolf."
One thing from this theory that I will keep and add to my own theory is how it explains Ichabod's reaction or better yet over-reaction to the killing.
My theory on this is that it's just Ichabod's PTSD from his experience with the Horseman connecting the two things where there are no real connections. It's knda like Cpt. Hook hearing a clock tick and thinking the crocodile who ate his hand is coming, Crane hears that there is a killer decapitating Fables and thinks the Horseman is after him again.
But part of the agreement in moving to Fabletown is putting old grudges to rest. Besides, the Horseman isn't the only fairy tale character that decapitates people. Also, the two victims have been women, this fits Bluebeard's MO.
If it was the Horseman, he wouldn't be focusing on just women.
Bluebeard is also out of the country according to Crane
It is all made to look like Blue Beard or Sleepy Hollow. It is a ruse for something else.
My thoughts exactly.
It's definable not Bluebeard and I think the only person who thinks it's the HH is Crane out of fear
Actually if I think about it, it might even be more than what we think. I know people were thinking of the ginger guy that might be the suspect while my belief is that it's the Horseman. Maybe the ginger guy is the Horseman? After all, the fable creatures in this world use glamour and it could be used to disguise yourself pretty easily.
Yeah, the Headless Horseman was the first theory I suggested. Some of the arguments in this thread feel a bit flimsy to me, but I think it still works a lot better than the Boy Who Cried Wolf Theory.
We know that the killer decapitates his victims, just like the Horseman. We know that a lot of fables have a grudge against the Fabletown government, which is currently led by Ichabod Crane, the Horseman's biggest enemy. And the Horseman is the only fable shown in the book at the business office who is unaccounted for, which could be Telltale's way of hiding a hint for us right in plain sight.
The problem with the boy who cried wolf theory is that the hate of the boy might possibly be directed to the villagers. Also while the decapitation is happening, it might not necessary be the dead characters. If we were allowed to ask the mirror in second episode to show us snow white, I'm sure it would say something similar to Faith.
Refer to this thread last post to understand my real theory of what is really happening.
http://www.telltalegames.com/community/discussion/51305/personal-theory-dump
Minor spoiler to the comics. Crane is alive in the beginning but he has left Fabletown so I think he has something to do with this.
It's really hard to say if it IS the Headless Horseman due to the fact we're only on episode 1. But I do also believe it is the Headless Horseman, but I'm not quite sure of it yet.
Here's something that I'm yet to hear anyone bring up: the pedestal in Crane's office.
Just in case you missed it, there's some type of large post/pedestal in Cranes office with something covered by a blue cloth. As it's been already mentioned if the Horseman is involved he's probably being used as a tool and a means to an end. What better way to control someone like the Horseman than by possessing his head?
This is a plot device that I've seen before, in Tim Burton's "Sleepy Hollow". Apologies in advance if this makes you watch Tim Burton's "Sleepy Hollow". If that's the case, though, the question now is why is Crane controlling him to commit these murders?
Regardless of what happens in the next couple episodes, there is something important on that pedestal. I'm calling it now. It's sitting too prominently in the room to just be nothing.
I don't think so, why would he be keeping the bodies?
But the Horseman is not the only Fable that is know to cut people's heads off. Besides, the killings do not fit the Horseman's usual MO, he wouldn't be keeping the bodies.
There is also the Queen of hearts, which would explain the Tweedle brothers. Or Bluebeard, who we have seen.
Umm, the Headless Horseman was just Bram Bones playing a trick to scare Ichabod away from his girlfriend.
And in "Red Riding Hood" the Woodsman was a valiant hero that rescued Red and her grandmother from the vicious, ravenous Big Bad Wolf. See how that has turned out?
If your referring to what looks like a birdcage covered in a purple cloth, according to the comics you are correct their is a head in it. However it is actually the head of the Frankenstein Monster, recovered by Bigby during World War II. He's still alive and has a phantom urge to drink, usually resulting in the bottom of the cage he's in getting rusted out.
Fables usually goes by the old school versions of the fairy tales though. They have Snow White's sister Rose Red after all.
It still went more or less the way it does in most story books. With the possible of exception of Snow White, it's only the "Happily Ever After" part that the writers of Fables usually play around with.
What doesn't sit well with me about that is why the crooks on the ginger's tie?
Honestly this seemed like such an obvious answer that I doubt its gonna be what happens. Anybody who didnt pick up on the headless horseman the minute you open the fable book...its definitely there to misguide you. Or telltale is failing at this story telling part.
Holy shit, it all makes sense now...