Alright so we know for a fact that Nathan is involved some way with these pictures being taken, and Rachel being killed because of the coordinates Max put together of where Nathan was, Nathan's jacket in the dark room, and because of the text Nathan sent Chloe in the last few minutes of the episode.
But noticing in the picture of Rachel laying dead on the ground in the junkyard, Nathan is lying down beside her. If Nathan's the one who's the most involved with this, why would he want himself in a picture with Rachel lying dead? If someone found that picture, they'd know Nathan had something to do with Rachel's death instantly.. This makes me believe that Mr Jefferson is the main "Leader" of these acts.
Some other backup reasons are that Nathan isn't even in Mr Jefferson's photography class. I know this from episode 2 where Warren was in the class talking to Max, and Nathan was talking to Victoria, and Jefferson told everyone who's not in his class to leave, and Nathan left. Which means he might have a different major in the art school known as "Blackwell". So if Nathan was so interested in taking these pictures, why wouldn't he be in the class?
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Life Is Strange {Episode 1-4 Polarized/Polaroid Theory}
FanficLife Is Strange Polaroid/Polarized Theory. This is my second LIS theory. I would recommend reading my first one before reading this, or some parts may not make sense. Once again I made this entire theory up by myself. Contains: Minor use of Drugs...