u/goodness

The Usual Suspects, just from the title, is obviously meant to be a mystery. The director allegedly even convinced many of the cast that they were all Soze just to make the performance more enigmatic.

Here is how the movie leads you. First, the cops think Keaton is the mastermind of the whole operation. So the audience is meant to start thinking that too. When the character of Soze is first introduced, the dialog emphasizes all his foreign qualities, like having a Turkish background or possibly speaking Hungarian. At almost the same point in the movie, we’re introduced to the character of Kobayashi, who speaks English with an accent and has a vaguely foreign appearance. That clearly leads the audience to think that he might be Soze. Then in the stunning finale, the audience gets the big reveal where they're led to believe that Verbal is the mastermind.

Here’s the problem. It’s too easy. Keep in mind this line from the movie: "If you got a dead body and you think his brother did it, you're gonna find out you're right". The movie doesn’t want to make the solution this obvious.

Also, Verbal being the mastermind doesn't fit with the theme of the movie. The theme of the movie is that cops are corrupt. Consider that the lineup that set the whole plot in motion was some kind of twisted cop contrivance. Keaton (a criminal) is a former cop. The gang's first job is to rob a bunch of corrupt cops. Dave Kujan implies that he will (illegally) use all his resources to punish Verbal if he doesn’t cooperate. Verbal's last line of the movie is "Fuckin cops".

So here's the theory.. Soze is actually … Jack Baer, Esposito's character.

Some evidence:

• Look at how Jack Baer is introduced. It's at the boat fire where they're recovering bodies. He’s standing with his back to the camera, smoking a cigarette in his right hand while wearing a fedora. Now consider the last scene where Keyser Soze appears in the movie. He's about to start the boat fire. He’s wearing a fedora and smoking a cigarette, with a lighter in his left hand. If you pause the movie at this point and zoom in, this might actually be Esposito.
• When the burn victim from the boat wakes up in the hospital, guess who is there. Jack Baer. The burn victim freaks out and his heart races. He starts screaming about Keyser Soze.
• Towards the end of the movie, Jack Bauer is talking about Soze and says, "Could be an old badge. You know, a hex sign to keep people from fucking with you..."
• Guess who introduces Soze into Kint’s story. Yep, Jack Bauer.

Lastly, consider how Verbal came to be in custody. If he is Soze and sets the boat on fire, how does he get picked up by the cops. We’re also shown Verbal getting into the van with the crate full of money and a bunch of other crates possibly containing the dope. What happens to the van?