This discussion may contain spoilers!
For those who have reached the second act of the first episode of "The Wolf Among Us" (and also the ending...) we now know that the victims are being beheaded in some gruesome manner by an unknown killer.
So far, Bigby has deduced that a beheading in this manner could only be accomplished by something sharp (brilliant deduction) or something magic. At this point, there are several potential murder weapons, all leading back to specific individuals.
The first, and most obvious, is the Woodsman's ax. The Woodsman is the last person (aside from Bigby) we know who saw Faith, and the weapon has both a sharp edge and a druid rune etched on it, thus meeting both criteria. We don't know, however, if this was the weapon used, or if it was the Woodsman who used it.
The second hint comes in the form of the storybook in Crane's office. Here we are treated to two different potential weapons: The first was the image of Ichabod Crane fleeing from the Headless Horseman. We've heard theories about how the heads are intended as a message to Bigby, though I suspect that they are intended for Ichabod Crane as a means to undermine his power and authority. Given Crane's backstory, these decapitations may allude to his encounter with the Headless Horseman. Crane is also not that popular with the community and thus has enemies.
The second weapon referenced in Crane's office was Excalibur, when we are studying the books. Though this is only an image and we have yet to see the physical blade, it fits the description as the murder weapon and shouldn't be ruled out.
The next weapon was the knife found in Lawrence's apartment. This, by far, is the most incriminating weapon, as it is found next to the blood-stained bed and the comatose Lawrence. Faith could very well have been killed in that room while lying on that bed with that knife. But the weapon was left there after a fresh kill, and we had confirmed that Lawrence had been rotting for about a week. This is most likely a set-up by another suspect.
The final weapon is one that is neither referenced or seen...but the infamous blade of Bluebeard (the one used to decapitate his former brides) makes him suspect...though once again, I feel that someone is working behind to scene to implicate Fabletown's most wealthy and influential individuals and systematically remove them...and so, the question here is, what is to be gained by these murders, and who profits the most?