It's the question on everybody's lips (especially Betty's), and about 3,000 theories online... but thankfully, we won't have to wait much longer to find out his identity.
Stars of the show, Madelaine Petsch and KJ Apa revealed to Glamour exactly when and how they found out.
"I already knew. I guessed it," KJ explained. "But everything is very…it’s hard to say."
Unlike KJ, Mads was totally shocked by the killer.
"I didn't guess it. When I read it, it shocked me, but you won't have to wait much longer," she promised.
"A couple more episodes and the mystery will be revealed."
Thank the lord for that.
Our most recent theory read online is that Penny Peabody, the shady Southside lawyer, has a way larger role. The same theory suggests that Penny is Betty's biological mother, and step-sister to Alice Cooper. Could that somehow play into who the Black Hood could be?
Read all about that here.
Riverdale's new episode airs on Netflix Thursday 23rd November.