Loki episode 2 recap: Lady Loki explained and is Thor Ragnarok key?

Could Ragnarok tie into the wider picture in Loki? (Picture: Marvel Studios/Disney Plus)

Warning: spoilers ahead for episode 2 of Loki.

Episode 2 of Loki on Disney Plus has thrown many spanners in the works, as Marvel’s God of Mischief tracks down the lethal Loki variant by using Thor: Ragnarok to figure out how they’re evading the TVA.

The episode ended on a huge cliffhanger, as one of the biggest fan theories was officially confirmed with the arrival of the cunning Lady Loki (Sophia Di Martino).

Loki (Tom Hiddleston), who is the 2012 version of the character who escaped with the Tesseract in Avengers: Endgame, is now working with the TVA (Time Variance Authority), although he’s in their custody as a prisoner after causing a breach to the timeline.

He and Mobius M Mobius (Owen Wilson) make significant headway when going over the details of the Loki variant’s attacks, eventually resulting in them working out where they are hiding.

So who is Lady Loki and what significance could Thor: Ragnarok have on the Marvel series?

Who is Lady Loki?

At the end of episode one of Loki, Mobius informs the protagonist that the rogue variant who the TVA is trying to hunt down is actually another version of himself.

Lady Loki in Marvel comics

Lady Loki was introduced in the Marvel comics over a decade ago (Picture: Marvel)

By the end of episode two, it’s confirmed – following eons of fan speculation – that it was Lady Loki all along.

The introduction of Lady Loki in the MCU veers in a slightly different direction to the Marvel comic books, as in the comics, Lady Loki is Loki in female form, as opposed to being a separate version of the character who he can converse with face-to-face.

Lady Loki was introduced in the Marvel comics in 2008, when Loki took over a human female body that was actually intended for Asgardian warrior Lady Sif after the events of Ragnarok.

In 2014, Loki’s gender fluidity was also made canon, before also being confirmed in the MCU in a promo video released for the Disney Plus series.

Is Thor: Ragnarok the key to the Marvel series?

Being held captive at the TVA, Loki is able to access files and find out information on incidents throughout history, from far in the past to way into the future.

As the Loki in the series is the 2012 version of the character from the first Avengers film, he is yet to experience the annihilation of Asgard in the 2017 Thor blockbuster Thor: Ragnarok.

Chris Hemsworth as Thor and Tom Hiddleston as Loki in Thor: Ragnarok

Thor and Loki made quite a team in Ragnarok (Picture: J Boland/Marvel Studios/Kobal/Shutterstock)

While reading about Ragnarok at the TVA, Loki has a lightbulb idea while trying to figure out how the Loki variant on the loose is avoiding capture.

He informs Mobius that the other Loki is hiding out in apocalypses throughout time, using the destructive events to cover their tracks.

His logic is that if the doomsday in question is destined to happen leaving no survivors, then any action the Loki makes beforehand shouldn’t make a difference to the timeline.

After testing his theory with Mobius at the eruption of Vesuvius in Pompeii in 79 CE, his hypothesis is proven correct.

Could Loki’s fascination with Ragnarok result in him taking a trip up memory lane to visit his brother Thor and perhaps even warn his future self that he’s going to be killed by Thanos (Josh Brolin), as viewers witnessed in Avengers: Infinity War?

Will Loki and Lady Loki find the Time Keepers?

When the members of the TVA task force find the agent who was abducted by the Loki variant, she reveals that she told her captor how to find the Time-Keepers, the all-powerful beings who decide the events that are supposed to happen in accordance with their ‘sacred timeline’.

Wunmi Mosaku and Owen Wilson in Loki

TVA agent Hunter B-15 (Wunmi Mosaku) and Mobius are keeping a close eye on Loki (Picture: Chuck Zlotnick/Marvel Studios/Disney Plus)

This means that in addition to being two different versions of the God of Mischief, Loki and Lady Loki have another thing in common – they both want to meet the Time-Keepers.

Considering their shared ambition, could the two Lokis end up working together to achieve their aim and come face-to-face with the supposedly godly beings… considering Loki following Lady Loki through the portal she made at the end of the episode?

Or could Lady Loki’s likely malicious intent for wanting to find the Time-Keepers put her at odds with Loki?

Has Lady Loki caused madness in the multiverse?

Whenever the Loki variant has shown up and launched an attack on the TVA’s Minutemen, they have also stolen reset charges – devices the TVA used to reset timelines in the event of breaches.

The TVA had no idea what the Loki variant planned on using the reset charges for. But they might have a better idea now.

When Loki and the TVA track the Loki variant down to the Roxxcart in Alabama in the year 2050, Lady Loki sets off the reset charges she has accumulated in what appears to be a chain reaction.

Back at the TVA, Lady Loki’s actions spiral into chaos, as the organisation witnesses several breaches of the timeline branch out all at once.

Has Lady Loki caused mayhem in the multiverse that the TVA will be able to reverse?

Loki returns on Wednesday and is available to watch on Disney Plus.


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